Valuation

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P/E breakpoints based on Fama French data depicting the gap in P/E ratios between growth and value stocks

P to E breakpoints based on Fama French data depicting the gap in P to E ratios between growth and value stocks.png

The Buffett indicator - corporate equities to GDP

The buffett indicator - corporate equities to GDP.png

Real S&P composite - 1871 to present with P/E 10 ratio

Real S&P composite - 1871 to present with P:E10 ratio.png

P/E 10 ratios by percentile

P:E 10 ratios by percentile.png

Geographic exposure - country of domicile is not an effective way to evaluate companies

Geographic exposure - country of domicile is not an effective way to evaluate companies.png

Q ratio and P/E 10 adjusted to their geometric means with the real S&P composite regression to trend

Q ratio and P:E adjusted to their geometric means with the real S&P composite regression to trend.png

P/E 10 from its geometric mean

P:E 10 from its geometric mean.png

10-year nominal total return

10-year nominal total return.png

US Market - Value over 10 Year Period Ending June 2018

US Market.PNG

Forward-looking Returns Are Closely Correlated to Starting Valuations

Forward-looking Returns Are Closely Correlated to Starting Valuations.PNG

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