"Permanently high plateau" revisted

[Carl Remick]

Shades of Irving Fisher.  This quote is from an investment advice column by 
Jonathan Clements that ran in the Wall Street Journal yesterday:  "After a 
decade of waiting for the stock market's 'bubble' to burst, it's time to 
face reality:  Maybe all those stock-crazed small investors haven't been so 
crazy.  Maybe stocks will never revert to historical norms, where shares 
trade at 14 times earnings and yield 4%."

Perhaps it would be wise to qualify that with a bit of Gilbert and Sullivan:

"What, never?"

"Well, hardly ever."

Carl
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