Rich Valuations and Poor Market Returns - Last week, the S&P 500 Index ascended to a Shiller P/E in excess of 24 (this "cyclically-adjusted P/E" or CAPE represents the ratio of the S&P 500 to 10-year average earnings, adjusted for inflation). Prior to the mid-1990's market bubble, a multiple in excess of 24 for the CAPE was briefly seen only once, between August and early-October 1929. Of course, we observed richer multiples at the heights of the late-1990's bubble, when investors got ahead of themselves in response to the introduction of transformative technologies such as the internet.
The most important days since March 6, 2009 - My spin - check this post out, if anything for the chart dating back to the last great depression. Interesting.
World Bank President Zoellick Says Surging Food Prices Have Pushed 44 Million People Into Extreme Poverty - My spin - yep, and it will get worse, and more countries will fall. Next topic.
A Blow Against Monetary Rectitude - Germany ECB president, a staunch believer central banks role should be to protect the value of money, has resigned. A good rant about the implications as yet another force to guard fiat currencies is gone.
How Badly Are We Screwed? Very. - Summary in charts of debt problems and economy.
Retail Sales Rise 7th Straight Month, Now Above Pre-Recession Peak; Making Sense of the Numbers; Housing and Auto Perspective - Bottom line, adjusted for inflation, sales below high.
Smart Money Tracker
The Silver Bull - Good chart analysis of Silver by Gary