Question about forward PE: are the earnings measures consistent across time or have they changed? If so, how can we compare valuations using these?
IIRC, it depends on who you side with: Shiller or Sigel in the great cape debate. http://knowledge.wharton.upenn.edu/article/siegel-shiller-stock-market/ …
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Using GAAP is not without problems. GAAP rules change. The biggest change is the expensing of stock options adopted in 2006. I forget all the other other changes through time.
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Plus the brokers included in the consensus estimates change over time as well as the methodologies and assumptions they use.
End of conversation
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