Prieur du Plessis

What to Expect From US Investment Returns

The study used historical earnings, but earnings were normalized (using a ten-year moving average) to neutralize the impact of the business cycle (unreliable predictions and expectations). Please read more about the business cycle and it's impact on PEs on Ed Easterling's site at: crestmontresearch.com/..., and also crestmontresearch.com/....