Normal
Note how that chart starts in 1983. 1982 was the start of the greatest secular (i.e. long-term) bull market in stock market history. I bet if you used a 100 year chart it would not look so rosy. In the grand scheme of Thongs your sample size of data on that chart was both too small and represented an exceptionally bullish period of stock market history.I have seen longer term CAPE charts and I can tell you its a somewhat different story.
Note how that chart starts in 1983. 1982 was the start of the greatest secular (i.e. long-term) bull market in stock market history. I bet if you used a 100 year chart it would not look so rosy. In the grand scheme of Thongs your sample size of data on that chart was both too small and represented an exceptionally bullish period of stock market history.
I have seen longer term CAPE charts and I can tell you its a somewhat different story.
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