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"content": "I didn't say that current valuations were the highest but rather \"among the highest,\" which they are. Comparing current bubble territory to that of 2000 and saying it's evidence that everything's fine is.. problematic. Also, you overestimate historical norms for valuations. Reasonable return expectations hover around a PE of 10, not 20. And \"right now\" (today), if you look at domestic indexes, they're clearly driven by exuberance, not fear.",
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