How can you cyclically adjust when there is no cycle? The Shiller P/E and the US market

Markets Value Investing

The Shiller price-to-earnings ratio (or ‘cyclically adjusted price-to-earnings ratio’) has become the poster child for bubble-hunters everywhere. Ever since Robert Shiller himself became associated with the dot.com boom and bust, investors have looked to the metric as an indicator of irrational exuberance in the markets.

So why is Shiller himself… Read the article