Set forth below is the text of a comment that I recently put to another blog entry at this site:
Rob, what you’re clearly missing is that the financial markets aren’t subject to the laws of physics — just because something has happened in the past doesn’t mean it will happen again. And mistakenly believing that might mean that someone misses out on a tremendous buying opportunity.
Shiller recognizes this, which is why he decided that prudence dictated he allocate 50% of his portfolio to stocks. He realizes that it’s folly to stay on the sidelines waiting for a pe 8 bus to appear when the reality is that it might not show up in our lifetime. Better to be approximately right than precisely wrong.
Every word you put forward in that post is on the right side of the line, Curious. You have not only a right but also a responsibility to say that on the boards and blogs at which you participate, presuming that it is your sincere take (I believe that it is).
I am 100 percent certain that a large percentage of the good and smart people posting at those board and blog communities will agree with you. Every indicator that I have seen over the past 12 years tells me that this will be the case.
I wish you the best of luck with it and with all your other future life endeavors.