#39: John Hussman On Navigating One Of The Most Overextended Stock Markets Of All Time
Superinvestors and the Art of Worldly Wisdom
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The Relationship Between Valuation Ratios and Returns on the Market
The duration of the S&P 500 is well over 60 years. So you're not bargaining for next year's profit margin, you're bargaining for decades and decades and decades of them. And it turns out, if you look historically, that if you correct valuations for the embedded profit margin,you get a much stronger correlation.
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