An uncanny truth in the U.S.equity market is that over time the price-earnings multiple has been almost constant,ranging fewer than two points up or down from the average over the past 130 years.

Question

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The price-earnings (P/E) multiple in the U.S. equity market has varied significantly over time, influenced by factors such as economic conditions, interest rates, and investor sentiment. It has not remained constant within a narrow range of two points from the average over the past 130 years.

An Uncanny Truth in the U