Snapshots of Multiples for Valuation: Go High, Go Low, Ignore the Middle

Quickly apply original, key PMR-published papers with Snapshots—a short article companion that distills PMR research into compressed, digestible takeaways, so you can put the paper’s core ideas to work in your investment process—fast. This Snapshot article is based on research arguing that dividend, earnings, and CAPE yields in their top and bottom historical quartiles have stronger 10-year US stock-return correlations and higher out-of-sample real-return forecast correlations than yields in the middle quartiles.