I decided to run some research that went back to 1950 and then back to 1928 which includes
multiple secular bull and bear markets to determine whether the «Sell in May and Go Away» strategy had an edge or not and, if so, how good an edge.
Not exact matches
His views are partially driven by the fact that in the beginning of the last
secular bull market,
multiples were low and interest rates were high.
By contrast, at
secular bull market highs, the Shiller P / E has typically exceeded 24, as we saw in 1929, 1965, and 2000 (the present
multiple is 22.7).