a much different approach than stock picking or market timing. Indexing is based on the idea that fees matter, whereas this strategy is based on the idea that price matters. And when price gets ahead of what is justified by the past 10 years of inflation-adjusted earnings, then perhaps the exuberance is excessive.
Next week we look at how to use the P/E 10 to add a component of dynamic asset allocation to our static asset allocation model and boost returns even further.
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