Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye CEO Keith McCullough. Click here to learn more.
"... Longer-term though, on something like P/E ratios, Shiller has been proven right. Today’s Chart of The Day is a picture Shiller emblazoned into my thick but impressionable skull in the 1990s. It reminded me that today’s US stock market “multiple” looks like it did in 1929 (you can find Shiller’s long-term mean reversion and behavioral research at www.econ.yale.edu/~shiller/)."