On Valuations
Valuation Note: Shiller earnings = 6.3% of current S&P revenues vs. historical norm of 5.3%. At normal margins, Shiller P/E would now be 29
On Institutional Unloading vs. Retail Buying
Institutions have never dumped more stock onto retail investors as they have in the past 4 weeks.
On Book Value (Re-tweeted by Hussman)
Chanos says more companies >3x book value now than March 2000.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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