Thats after they had delined 82 percent in the previous 3 years...

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    Thats after they had delined 82 percent in the previous 3 years not rallied to extended PE ratios like now. The rally was after PE ratios had more than halved on the Shiller inflation adjusted index to a low of 21 and after a brief bounce PE ratios continued to decline to around 14.

    The current level is circa 36 and bear markets usually end around 7 leaving scope for an 80 percent decline in PE ratios
 
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