believe the higher earnings of the last decade represent a new paradigm to not be concerned by this graph. [Figure 61: US CAPE (cyclically adjusted Price/Earnings) ratio 46x 40x 35x 30x Sx • 0. • • US Cape Ratio . . . . Ipat 1891 1901 1911 1921 1991 1941 191.1 1961 1971 1981 1991 2001 201I Sane