Longview Economics' chief executive and chief market strategist Chris Watling sees valuations as a relatively useless in predicting bull and bear markets. Speaking at Citywire Scotland, Watling pointed to the fact that there was a zero correlation between the PE ratio at the start of each year—back to 1928—and the returns of the next twelve months.
But I must explain to you how all this mistaken idea of denouncing pleasure and praising pain was born and I will give you a complete account of the system.
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