From FT, Alphaville, July 3, 20206 Quoting the front page of the monthly market update written by Joachim Klement and Francisca Reis, of [UK investment bank] Panmure Liberum … “In 1929, the cyclically-adjusted P/E-ratio (CAPE) of the S&P 500 reached 32.6x according to Prof. Robert Shiller’s data. This was 1.8 standard deviations above trend at […]