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Every long-term boom in earnings has been preceded by a high PE ratio.
PE ratios most consistently anticipate 20-year earnings growth, but they have a curious relationship with 7.5-year earnings growth.
Earnings growth in excess of that anticipated by PE results in positive stock returns.
Recent history suggests that the stock market needs less excess growth than it used to.
This recent change in the relationship between stock returns and earnings growth is probably unsustainable and will result in substantially lower long-term returns, even with high earnings growth.