" Revisiting Batnick’s periods of low real returns using Shiller CAPE, we also observe that long periods of poor performance often begin with overvaluation that is worked off over time. The Shiller CAPE levels of the broad market on January 1 of each the years cited above were as follows: 1929 – 27.06 1944 – 11.05 1965 – 23.27 2000 – 43.77 Today – 28.80 Mean – 16.67 "

― , The Behavioral Investor