segunda-feira, 8 de setembro de 2014

CAPE ratio - como avaliar o mercado financeiro


Markets and companies can be analysed in many different ways but one of the most common measures is the cyclically adjusted price earnings ratio or CAPE.
It broadly means price divided by the average of 10 years of earnings adjusted for inflation, and it's a popular, although not infallible, measure of whether markets or individual stocks are cheap or expensive on a historical basis.

CAPE is also often called the Shiller PE ratio after American economist and Nobel Prize winner Professor Robert Shiller.
Its usefulness or otherwise is a matter of debate and sometimes controversy, especially in the US where two different factions - the Shillerites and non-Shillerites - are currently slugging it out over whether stocks are over or under-valued.
This is Money Editor Simon Lambert recently interviewed US CAPE investor Mebane Faber about his Global Value book and strategy that uses the ratio to invest in the cheapest markets around the world.

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