A Better Way to Think About Stock Prices

Consider the range of likely outcomes.

Something to consider.

Photographer: Emmanuel Dunand/AFP/Getty Images)

Traders returning to their desks after the long holiday weekend will be greeted by the continuing Greek saga, a guessing game about when the Federal Reserve will raise rates and a megamerger in the cable industry. But the debate I am much more interested in is the one taking place about U.S. stock valuations. It is more significant, and not as well understood as those other discussions.

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