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#31: Rob Arnott On Engineering A Better Index
Superinvestors and the Art of Worldly Wisdom
The Importance of Value in the Markets
Research affiliate seems to have a deep respect for value, the concept of main reversion. The Shiller PE ratio has between a 70 and 80% correlation with subsequent 10-year stock market returns. There is a value for every business at which it's sensibly priced; there's a value at which it’s trading on the basis of hopes and fantasies.
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