Subject: Re: OT = large cap valuations
I am a great admirer of Philosophical Economics, but this did not work out. Here is the nut graph for stocks at the time of publication (20 Dec 2013)

Right now, at its current value, the metric suggests a future 10 year nominal total return for equities of around 6%.
Historically, whenever the market was at the current level, the low end of the return was a tad less than 5%, and the high
end was around 9%.

GTR1 shows the CAGR of SPY from 20131220 to 20231220 to 11.96%. It has continued to rise since then, and is a hair over 13% now.

Baltassar