Here is my second update to the Ponzo Time Machine post. Note how the indicated range from the last update has widened in both directions from SPX 620 to 800, now applying Mar '74, Dec '76, Jan '84, and Sep/Oct '00 as the best fifty-year analogues. I'm thinking that interesting, more meaningful follow-on research may be to run the price analogies alongside P/E ratios and other more fundamental indicators.
Angus Deaton, Nobel in Economics
11 hours ago