Notes
1 Shiller's CAPE (cyclically adjusted price earnings) “normalizes” P/E ratios by dividing the real (i.e., inflation-adjusted) price level of the S&P 500 index by the moving average of the preceding 10 years of real reported returns by S&P companies. See Chapter 9.
2 See Chapter 17.
3 During that strange era a very fine value firm, Sanford C. Bernstein, was so weakened that it was acquired by a very ordinary growth firm, Alliance Capital.
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