“Is There Any CAPE Level at Which Stocks No Longer Represent a Bargain According to Your Perspective on Things?”

Set forth below is the text of a comment that I recently posted to the discussion thread for another blog entry at this site:

Of course you won’t answer the question, like always.  As to price drops, we can always see the cause.  For example 2009/2009 were from sub prime mortgage impact. The silly market timers were in a panic and sold off their stock and us buy and holders snapped up some real bargains.  That is why we can see that the top 10% own the vast majority of stock, while market timers have little net worth.

Is there any CAPE level at which stocks no longer represent a bargain according to your perspective on things?

Rob