Glossary
CAPE — Shiller PE
The cyclically adjusted price-to-earnings ratio, which compares stock prices to average inflation-adjusted earnings over the past ten years. It is used as a rough gauge of whether a market is expensive or cheap.
What it means for you
See it in numbersThe First Bad Decade Two identical futures in a different order: why the first ten years, not the average, decide whether the money lasts.A high CAPE when you retire can point to lower future returns, so some people withdraw more cautiously in pricey markets.
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