Tom McClellan(@McClellanOsc):It is true that Robert Shiller's CAPE is was up above 40. But some understanding of the math is helpful. CAPE averages monthly earnings going back 10 years. So when there is a big recent surge in earnings, and prices, CAPE does not keep up very well. If we look at a raw trailing SP500 P/E Ratio, it is at a level that used to be considered quite high years ago, but is pretty moderate compared to the last 3 decades.

Tom McClellan

@McClellanOsc

Technical Analyst - Editor of The McClellan Market Report. Trying to figure out stock market physics, and to leave my campsite cleaner than how I found it.

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Tom McClellan@McClellanOsc

2026.09.18 23:26

It is true that Robert Shiller's CAPE is was up above 40. But some understanding of the math is helpful. CAPE averages monthly earnings going back 10 years. So when there is a big recent surge in earnings, and prices, CAPE does not keep up very well. If we look at a raw trailing SP500 P/E Ratio, it is at a level that used to be considered quite high years ago, but is pretty moderate compared to the last 3 decades.