Interesting article about market valuations and alternatives to CAPE, below is an excerpt and some graphs
via Alpha Architect
Although there are a number of lenses useful for assessing market conditions, many feel that Robert Shiller’s CAPE (Cyclically-adjusted PE ratio) index is among the more reliable yardsticks for measuring market valuations (we explain the CAPE ratio here). Note: CAPE is not a superhero; there are other ways to value the market).
#MICUS: Value Managers Say Their Style Is Far From Over
Note of Chuck Bath, David Wallack, and Ramona Persaud's presentation from the 2020 Morningstar Investment Conference. Q2 2020 hedge fund letters, conferences and more Dead Again? Value Managers Say Their Style Is Far From Over For more than a decade, large value has been one of the most difficult factors to own. Moderator Linda Abu Read More
The results are hypothetical results and are NOT an indicator of future results and do NOT represent returns that any investor actually attained. Indexes are unmanaged, do not reflect management or trading fees, and one cannot invest directly in an index. Additional information regarding the construction of these results is available upon request.