Hotdog
For a long time I have argued with those who said a PE or 15 was reasonable.
My numbers may differ a little with you or Schiller but I suggested 7 or 8 was a more likely low.
Yes, I acknowledge that constant dollar or inflation adjusted dollars is a more meaningful measure of median value.
I still cling, lol, to my past experience that says that absolute numbers or ratios tend to bear fruit.
I am sure when we bottom I can conjure up a number that will boost my case, lol.
So in summary, yes I believe you are correct, but I still think there will be some serious numerical relationships that appear.
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