Supplementing the 10-year Average Earnings- and Dividend Yields, S&P 500 (as of 2 Jan-13) report, here is Doug Short's take on whether the S&P 500 index is cheap or not based on 10-year trailing earnings: Is the Stock Market Cheap?
See also what Cliff Asness has to say about it here.
See also what Cliff Asness has to say about it here.
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