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 . . .


Graham & Dodd P/E, 1881-2010

click for ginormous chart


In Defense of the “Old Always” (PDF)
James Montier
GMO, 12/22/2010

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