Buying an equity market trading above 40x CAPE (as the US closed the year) historically produced below-average—roughly zero—10-year real returns, with the batting average for above-average returns being essentially zero in the historical database.

factualpending

Speaker

Meb Faber

Evidence Quote

the batting average was basically zero

Source

Russell Napier: Gold Is Screaming a Warning (But No One’s Listening)The Meb Faber Show
Created: 6/18/2026, 1:59:14 PM

My Notes

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