Tobin's q

I probably should have applied a caveat, though, right in the beginning.

I look at every variety of valuation metric, forward PE, trailing PE, you know, Shiller's adjusted, cyclically adjusted PE, Tobin's Q and the Fed model and equity risk premiums and the Buffett model and rule of 20, et cetera, et cetera.

Valuation is interesting to look at, but it only has relevance to what the market's going to do if you're talking about, say, a subsequent 10-year forward look.

There is zero correlation between Let's use forward PE because that's what we're talking about.