I feel his EXCESS CAPE metric is just massaging the numbers.

The CAPE has no peers as a predictor of where big cap shares are headed. And right now, it's flashing bright red. The current reading, based on the S&P's record close of 3853 on January 21, is 35.13. It's only been that high in one period over the 140 years: in the run-up to the tech bubble that burst in 2000, sending the S&P down 44%.

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