Stocks are still expensive, argues NYT's David Leonhardt. He goes back to the old-school...
Stocks are still expensive, argues NYT's David Leonhardt. He goes back to the old-school Graham-Dodd valuation of comparing prices to corporate earnings over the last decade - instead of looking forward or back only a year - to make his bearish case. By this metric, stocks still have 8% to fall before they reach the 50-year average.
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