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  • Asset prices: The bubble without any fizz

    Oct 05, 2017
    Print section Print Rubric:  Low interest rates have made more or less all investments expensive Print Headline:  The bubble without any fizz Print Fly Title:  Asset prices UK Only Article:  standard article Issue:  It is not too late to stop the break-up of Spain Fly Title:  Asset prices Main image:  20171007_fbd011_facebook.jpg USUALLY, when asset prices boom, people get excited. As America’s stockmarkets scaled wild peaks in 1929 and 1999 they did so amid feverish enthusiasm. Search for such euphoria on Wall Street today and you will come back empty-handed. Look at underlying numbers, though, and it is at first hard to see why. Over the past 136 years the cyclically adjusted price-earnings ratio (CAPE), a useful measure of how expensive stocks have become, has reached its current heights only twice before: during the dotcom bubble; and just before the Crash ...

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