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Just what are the factors that decide what the 'right'
PE ratio is?
Was Japan overpriced at 32,000? Is it overpriced at
current levels?
Seems to me there is no very sound theory to decide
what the level 'should' be as the link with bond yields
seems to have broken down.
If there is no theory, how can the market be 'expensive'
or cheap.
IMHO.
be described as expensive
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