Although if we use the nominal P/E, I should concede that the market sustained this high a P/E once before. . . . for ten years . . . immediately before the market tanked on George W.s watch.
I don’t need to remind you that
a. it ended badly and
b. the shiller p/e never sustained current levels.
c. as people (the baby boomers) retire odds are they tend to take their money OUT of the matket.
the baby boomers span 18 years. They’re not going to be pulling their funds out on the same day. There are millions of people behind them, including the millennials which is bigger than the boomers.