Re: “Inflation Adjusted S&P”
Yes, you make a good point.
However, the P/E 10 (inflation adjusted 10 year P/E moving average) is cause for worry.
Off the top of my head...
P/E 10 historical average - about 16.5
Current P/E 10 - about 21.5
Personally, I’m obsessed with the macro factors.
Record global money printing.
Record global debt.
Record global unfunded pension and health care liabilities.
This cannot end well.
I was just playing the devil’s advocate. I am in your camp...