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1.Market Observations

10 Dec 2016 (AFR) – Shiller index flashes red, but Donald Trump rally can last

(10 December 2016, AFR, p10, by John Kehoe)

‘The renowned US stock market valuation index developed by Robert Shiller has only exceeded the current level three times in the past century and each time the bull market crashed. “The cyclically adjusted P/E (CAPE), a valuation measure created by economist Robert Shiller now stands over 27 and has been exceeded only in the 1929 mania, the 2000 tech mania and the 2007 housing and stock bubble,” Alan Newman wrote in his Stock Market Crosscurrents newsletter. But Mr Shiller, the famous Nobel prize winning economist said Wall Street still has room to rise in the short term under President-elect Donald Trump.’

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