The Cyclically Adjusted Shiller P/E ratio (CAPE) is at 37, one of the highest levels in 150 years, which means the stock market is starting this era with very high valuations; unless corporate earnings growth is extraordinarily strong, the stock market is likely to experience multiple contraction and middling returns rather than significant price appreciation

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Speaker

Jim Bianco

Evidence Quote

the cape the cyclically adjusted Schiller PE ratio at 37 one of the highest levels in 150 years...it's going to be hard for the stock market to continue to move higher

Source

MacroVoices #467 Jim Bianco: The Mar-a-Lago AccordBianco Research
Created: 8/11/2026, 7:52:47 AM

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