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agip
RE: Down goes the Dow
the thing is this...the forward PE on the SP500 is in the mid 16s. Which is right on its 25 year average. there is no extreme right now. We are thoroughly average. By PE anyway. Valuations are not low but they are not high either.

unless you believe that margins are artificially high for some reason, and you have a solid argument why they will fall dramatically. I don't know what that argument is.

The shiller thing is nonsense - it's had a sell on the market since around 1998, but the market has gone up and up since then.

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