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> I'm pretty well known to be at the fairly far bearish end of the

> spectrum in terms of estimating fair value for the broad US market.

Hi Jim. Yes, indeed and I've read your comments with interest before. One thing I wonder about is the impact low interest rates have on your valuations. I recall Jeremy Siegel saying that the long term avergae PE for US stocks is about 15 but in low interest rate environments, it's higher, at about 19 (fairly sure I remembered these numbers correctly though I don't have the source at hand).

I think Buffett takes the view that interest rate levels affect valuation of securities too, though he hasn't given numbers like Prof. Siegel.
I get the impression that some wouldn't agree: what's your take on that?
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