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Opinion: This is the chart that stock bulls don’t want you to see A higher than usual cyclically adjusted P/E ratio may mean a bigger drawdown in the next five years, according to this article on MarketWatch. A Wellershoff & Partners study showed that CAPE levels lower than 15 were associated with a less 10% average decline over five years, but CAPE readings as high as 25.69 were linked to a decline of between 30% and 35%.-- MarketWatch

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