[Response: Ah, the old short term noise trick again. (realclimate.org)
To filter out what he calls «short term noise in earnings,» and get a measure that affords a better fix on what kind of prospective returns one can expect from stocks, John calculated the market's P / E using the highest earnings posted over the preceding decade. (hussman.net)
«The shift might be read as indicating a desire to focus on the medium term outlook rather than short term noise; it could simply have been an effort to evade controversy,» he said. (marketwatch.com)