November’s publication summarizes two perspectives on the usefulness of the Shiller price-earnings ratio as a gauge of equity market valuations.

• “Eye on the Market” Michael Cembalest, J.P. Morgan Asset Management, May 2, 2012, and October 10, 2012
• “An Old Friend: The Stock Market’s Shiller P/E” Clifford Asness, AQR Capital Management, November 2012