Set forth below is the text of a comment recently posted to another blog entry at this site:
Oh, don’t worry! I never said I knew the extent to which valuations might affect future stock prices. Correlation data suggests historically they may have to some extent, some of the time, though correlation doesn’t always mean causation. I’ll be the first to admit that the future’s a very uncertain place. No boorish hocomania here. I focus on the things I can control, like gainful employment and a high savings rate.