"Looking at the less bullish era from the 1950s to the early '80s stocks traded around 10x, a valuation Ellis believes to be more applicable today. Calling low P/Es a "siren song" luring investors to their doom, Ellis advises investors to take a cue from the late Baron Biggs and do more legwork before diving in blind."
http://finance.yahoo.com/blogs/breakout/no-market-isn-t-cheap-says-ellis-134154826.html
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