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Why the next bear market could shave 35% off the Dow

What about the Cyclically-Adjusted P/E ratio (or CAPE) that was made famous by Yale University finance professor (and Nobel laureate) Robert Shiller? 

CAPE currently is extremely high (30.2, versus an average of 15.8 since 1871),

Mark Hulbert MarketWatch June 14, 2019 

Robert Shiller

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