I’ve posted Entry #6 to my Valuation-Informed Indexing column at the Value Walk site. It’s titled Either Valuations Matter Not at All or They Matter a Great Deal Indeed.
Juicy Excerpt: Things have reached a point at which we need to decide once and for all whether Fama is right or Shiller is right. We can fudge this no longer. If overvaluation is real, millions of middle-class people are investing their retirement money pursuant to some very dangerous advice.