t had ever been. For equities valuations are more challenging to calculate, especially back as far as we want to go. In the 2015 study (Scaling the Peaks') we set out our current methodology but in short we create a long-term proxy for P/E ratios by looking at P/Nominal GDP and then look at the resul

b King. Nemacolin flew Mr. King in for a special private training, which Is Indicative of the way they do just about everything — first class. The Peaks, P.O. Box 2702, Telluride, CO 81435; 800-789-2220; www thepeaks resort. com. Swoosh down the slopes in this incredible alpine valley, straight into