Bill Gross: CAPE Needs To Reflect New Neutral
PIMCO founder and CIO Bill Gross continues to examine how the New Neutral, the idea that the real fed funds rate is near zero instead of 1.75% as the Federal Reserve continues to assume, this time saying that it will change the way that investors use CAPE to decide if the market is overvalued.
“Even after accepting the historical validity and predictive capability of Robert Shiller’s CAPE (10-year cyclically adjusted P/E . . .
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