Is a High CAPE Cause for Alarm? Part 1: CAPE's Relationship to Stock Returns
Market predictors have taken many forms over the years, but no formula or person has ever gotten it completely right. The market is unpredictable. That’s just the way it is. But that hasn’t stopped people from trying, and it doesn’t necessarily mean we should ignore them all.
Pfau, Wade, "Is a High CAPE Cause for Alarm? Part 1: CAPE's Relationship to Stock Returns" (2015). Faculty Publications. 189.