November 5, 2017
Dear Investors, I thought it would be helpful to look at some important market valuation metrics to give you a perspective of what type of market we are in. Shiller (Inflation-adjusted) P/E: 31.4.  The Shiller P/E is 86.9% higher than the historical mean of 16.8.  This implies a future annual return of -2.5%.  The only...
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