Even within an expensive headline index, sub-segments can offer value: buying midcap value stocks in 1966 (when the S&P CAPE was very high) produced a positive real return to 1982 whereas the S&P delivered poor real returns, so investors should split markets by size and style rather than judge by the headline index.
factualpending
Speaker
Russell NapierEvidence Quote
“even within a market like the United States of America... there are other bits of that market which are on more reasonable valuations”
Created: 6/18/2026, 1:59:14 PM
My Notes
Loading notes...