Robert Shiller's CAPE Ratio: "Probably Nothing"

For the first time since September 2001, Robert Shiller's CAPE Ratio measure of stock market valuation has topped 30x...

(...and yes, we know, we "don't get it" and "this time is different" and "the world is a changed place" and so on...)

Time will tell...

(Click on image to enlarge)

Source: Multpl.com

In the history of the stock market, it has only traded at a richer valuation during one period - June 1997 to September 2001 - as the dotcom farce blew and burst.

And the market has only been this 'euphoric' once...

(Click on image to enlarge)

Trade accordingly.