Another proverbial construction from John Hussman, who remains concerned, here:
'With little respite, the Shiller P/E has been above 22 since 1995, and the average Shiller P/E since that time has been over 27. To load that stretch into the calculation of the “normal level” destroys the whole concept of a norm: the valuation norm should be the level that is reasonably associated with “normal” subsequent market returns.'
