Long-run equity returns from today's price levels are likely to be considerably lower than their 10% long-run average. There is a disagreement about the sustainability of current lofty stock market valuations. One camp argues that the market is dangerously overvalued. The so-called CAPE ratio—the price-earnings multiple for the market based on cyclically adjusted earnings averaged over the past 10 years—stands at over 25, well above its long-run average of about 15. Today's CAPE