The Only Constant Is Change (1881-2010)

I love this chart from Jame’s Montier’s latest missive, In Defense of the “Old Always.” We learn that major events occur quite regularly, while P/Es fluctuate fairly constantly . . .

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Graham & Dodd P/E, 1881-2010

click for ginormous chart

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Source:
In Defense of the “Old Always” (PDF)
James Montier
GMO, 12/22/2010
http://bit.ly/gc7h6m

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