Cape Fear

What this is: CAPE = real S&P 500 price ÷ average real (inflation-adjusted) earnings over the trailing 10 years — a valuation measure developed by Robert Shiller and John Campbell (1988) that smooths out single-year earnings swings. A higher reading means the index is priced richer relative to a decade of underlying earnings; it says nothing about near-term direction.

Source: Robert J. Shiller, Yale University (shillerdata.com — the same public dataset multpl.com and MacroMicro republish). Series cross-checked against multpl.com's published monthly table for currency; full history reconstructed independently for this chart, not scraped from any third-party chart or branding. "Shiller PE"/"CAPE Ratio" used generically — not to be confused with the trademarked Shiller Barclays CAPE® Index Family. "Cape Fear" is a MoneySpider house nickname for this valuation gauge, not a claim about future direction.