For decades, many of the market's best minds have prized the CAPE, or cyclically adjusted price/earnings ratio, as a key measure of whether equities are pricey or cheap. Among them are Cliff Asness, cofounder of giant hedge fund AQR Capital, and Rob Arnott, whose firm Research Affiliates oversees strategies for $171 billion in mutual funds and ETFs. Nobel Prize winning economist Robert Shiller developed the CAPE, and at

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