If you look at my signature I refer to Irrational Exubrance by Peter Shiller (you can click on the links in my signature for Peter's Direct site and Excel worksheets) and have also referred to it in my prior posts.
For those of you like myself who want to invest Long term and make your Long Term Investment decisions as to near to right as possible (you will never pick the bottom), you might want to have a look at this:
Shiller: Stocks still too cheap for me
And as a balanced view:
Stocks Now Distinctly Cheap
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