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ShillerP/Eratio,alsoknownastheCyclicallyAdjustedPrice-Earningsratio(CAPE),isameasureofthevalueofanentirestockindexthatsmoothsouttheshort-termearningsvolatilityexperiencedbyitsconstituentcompanies.TheformulafortheShillerP/Eratioissimple:currentpricedividedbyaverageinflation-adjusted10-yearEPS. ContinuetoshortS&P500indexdirectlyforeveryandeach1%riseuntiltheendoftheworld.
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