1.If you look at the S&P 500 index price, there was a local minimum of 757.13 in March 2009. What is the real rate of return on the capital gains of the S&P 500 from March 2009 to July 2021? What is the total real return of the S&P 500 from March 2009 to July 2021?

2.1.What is the percentage increase of the real earnings of the S&P 500 from March 2009 to March 2021? What is the percentage increase of the real dividends of the S&P 500 from March 2009 to June 2021?

3.1.What are the CAPE of the S&P 500 in March 2009 and in July 2021, respectively?

Cyclically Cyclically Stock Market Data Used in "Irrational Exuberance" Princeton University Press, 2000, 2005, 2015, updated Adjusted Adjusted Robert J. Shille Price Total Return Price Consumer Real Real Earnings Earnings Monthly Real Total TR Ratio Ratio Excess Total Total 10 Year 10 Year Real 10 Year S&P Price Long Scaled P/E10 or TR P/E10 or CAPE Bond Bond Annualized Stock Annualized Bonds Excess Annualized Comp. Dividend Earnings Index Date Interest Real Real Return Real CAPE TR CAPE Yield Returns Returns Real Return Real Return Returns Price Earnings Earnings 13.39% Date P D E CPI Fraction Rate GS10 Price Dividend 0 90 45.27 14.27% 0.88% 27.26 6.86 212.7 2009.21 2.82 963.91 34.70 480,851.23 8.73 4,356.77 13.32 14.59 7.26% 12.35% 2009.03 757.13 0.97 44.83 13.33% 0.98% 848.15 26.70 7.08 213.24 2009.29 2.93 1077.09 33.91 538,726.20 8.99 4.494.94 14.98 10.44 6.27% 2009.04T 572,919.91 9.24 4.630.37 16.00 17.50 5.51% 0.97 43.45 12.44% 1.42% 11.02% 902.41 26.15 7.29 2009.37 1142.70 33.11 2009.05 213.86 3.29 18.04 5.02% 1.02 41.67 12.37% 2.17% 10.21% 2009.06 926.12 25.59 7.51 215.69 2009.46 3.72 1162.74 32.13 584.307.59 9.43 4,738.21 16.38 5.0204 1.00 238% 10.24% 18.41 42.42 12.62% 2009.07 935.82 25.03 9.19 215.35 2009.54 3.56 1176.78 31.47 592,683.08 11.55 5,818.19 16.69 9.00% 639,349.67 13.63 6,878.54 18.09 19 05 4.53% 1 02 42.35 11.41% 2.41% 2009.08 1009.73 24.46 10.86 215.83 2009.62 3.59 1266.88 30.69 4.46% 1.00 43.12 11.35% 2.17% 9.19% 2009.09 1044.55 23.90 12.54 215.97 2009.71 3.40 1309.75 29.97 662,244.18 15.72 7,950.35 18.83 20.82 8.95% 2009.79 3.39 1337.44 29.32 677,479.90 31.76 16,085.75 19.36 21.42 4.32% 1.00 43.24 11.07% 2.12% 2009.1 1067.66 23.40 25.35 216.18 9.31% 22.91 38.16 216.33 2009.87 3.40 1362.04 28.67 691,153.11 47.77 24.239.62 19.81 21.94 4.19% 0.99 43.29 11.34% 2.03% 2009.11 1088.07 42.81 2.13% 9.23% 20.32 22.51 3.85% 0.99 11.36% 2009.12 1110.38 22.41 50.97 215.95 2009.96 3.59 1392.42 28.10 707,757.40 63.92 32,488.33 9.25% 1404.17 27.79 714,909.23 67.85 34,543.53 20.53 22.74 3.67% 1.01 42.29 11.57% 2.32% 2010.01 1123.58 22:24 54.29 216.69 2010.04 3.73 71.98 36,708.72 19.92 22.07 3.80% 1.00 42.55 11.88% 249% 9.40% 2010.02 1089.16 22.07 57.61 216.74 2010.12 3.69 1360.82 27.57 694,005.81 21.00 23.27 3.46% 0.99 42.37 9.00% 3.16% 5.84% 2010.03 1152.05 21.90 60.93 217.63 2010.21 3.73 1433.51 27.25 732,235.03 75.82 38,726.69 3.18% 1.04 42.01 9.12% 3.53% 5.58% 2010.04 1197.32 21.95 62.99 218.01 2010.29 3.85 1487.26 27.26 760,849.26 78.24 40,025.52 21.80 24.15 7.28% 21.99 218.18 2010.37 3.42 1396.42 27.30 715,540.87 80.73 41,367.72 20.48 22.68 3.90% 1.02 43.63 10.42% 3.149 2010.05 1125.06 65.04 83.37 42,789.89 19.74 21.86 4.24% 1.02 44.61 11.45% 2.80% 8.65% 1083.36 22.04 67.10 217.97 2010.46 3.20 1345.97 27.38 690,862.16 2010.06 45.45 2.67% 9.12% 2010.07 1079.80 22.14 68.69 218.01 2010.54 3.01 1341.27 27.51 689,623.14 85.32 43,867.30 19.67 21.77 4.43% 1.03 11.79% 1.01 2010.08 22.25 70. 27 19.77 21.88 4.72% 46 72 12.32% 2.33% 9.99% 1087.28 218.31 2010.62 2.70 1348.69 27.60 694,625.26 87.17 44.895.18 717,630.18 89.09 45,958.31 20.38 22.55 4.57% 1.01 47.00 11.86% 2.23% 9.63% 2010.09 1122.08 22.35 71.86 218.44 2010.71 2.65 1391.05 27.71 9.55% 23 40 4.48% 0.98 47.50 11.56% 2.02% 2010.1 1171.58 22.48 73.69 218.71 2010.79 1450.61 27.83 749,552.65 91.24 47,145.34 21.24 21.70 4.16% 0.96 46.67 11.73% 2.13% 9.60% 2010.11 1198.89 22.60 75.52 218.80 2010.87 2.76 1483.80 27.97 767,907.10 93.47 48,371.70 23.90 3.51% 0.99 44.61 11.80% 2.53% 9.27% 2010.12 1241.53 22.73 77.35 219.18 2010.96 3.29 1533.94 28.08 795,065.63 95.57 49,534.31 22.40 24.75 3.28% 0.99 44.15 11.74% 2.46% 9.28% 2011.01 1282.62 22.96 78.67 220.22 2011.04 3.39 1577.19 28.24 818,705.11 96.74 50,215.60 22.98 25.38 242% 9.23% 23.20 79.99 221.31 2011.12 3.58 1616.56 28.38 840,369.64 97.88 50,881.95 23.49 25.93 3.01% 1.02 43.36 11.66% 2011.02 1321.12 3.36% 1.00 43.69 11.90% 1.95% 9.95% 2011.03 1304.49 23.43 81.31 223.47 2011.21 3.41 1580.80 28.39 823,008.01 98.53 51.298.81 22.90 25. 27 3.290% 1.03 43.35 12.29% 1.94% 10.36% 2011.04 1331.51 23.73 82.16 224.91 2011.29 3.46 1603.22 28.58 835,919.98 98.93 51,582.02 23.14 25.53 10.61% 25.42 3.60% 1 02 44.33 12.27% 1.66% 2011.05 1338.31 24.04 83.02 225.96 2011.37 3.17 1603.86 28.81 837,506.74 99.49 51,951.35 23.06 1544.37 29.20 807,713.07 100.62 52,624.42 22.10 24.30 3.93% 1.00 45.14 12.83% 1.54% 11.29% 2011.06 1287.29 24.34 83.87 225.72 2011.46 3.00 101.77 53,310.13 22.61 24.92 3.86% 1.06 45.22 2011.07 1325.19 24.62 84.91 225.92 2011.54 3.00 1588.44 29.51 832,043.60 29.76 743.470.15 102.73 53,906.83 20.05 22.09 5.16% 1.03 48.00 2011.08 1185.31 24.90 85.94 226.55 2011.62 2.30 1416.86 19.70 21.71 5.54% 0.99 49.40 2011.09 1173.88 25.18 86.98 226.89 2011.71 1.98 1401.07 30.05 736,498.64 103.81 54,571.72 54,774.84 20.16 22.21 5.26% 1 01 48.83 2011.1 1207.22 25.60 86.97 226.42 2011.79 2.15 1443.84 30.61 760.322.93 104.02 5.37% 1.00 49.58 2011.11 1226.42 26.01 $6.96 226.23 2011.87 2.01 1468.04 31.14 774,433.92 104.09 54,911.67 20.35 22.42 22.62 5.37% 1 00 49.92 2011.12 1243.32 26.43 1491.95 55,138.62 20.52 86.95 225.67 2011.96 1.98 31.72 788,441.07 104.34 1.00 2012.01 1300.58 26.74 87.48 226.67 2012.04 1.97 1553.83 31.94 822,545.57 104.51 55,326.31 21.21 23.39 5.24% 49.82 0.98 49.69 2012.02 1352.49 27.04 88.01 227.66 2012.12 1.97 1608.76 32.17 853,045.15 104.69 55,509.84 21.80 24.03 5.12% 871,046.49 104.52 22.05 24.32 4.89% 1.01 48.52 32.29 55,514.13 2012.03 1389.24 27.35 88.54 229.39 2012.21 2.17 1640.02 2012.04 1386.43 27.67 88.33 230.09 2012.29 2.05 1631.77 32.57 868,107.97 103.96 55,309.59 21.78 24.02 5.04% 1.02 48.98 5.46% 1 02 50.23 2012.05 1341.27 28.00 88.13 229.82 2012.37 1.80 1580.48 32.99 842,280.44 103.84 55,341.11 20.94 23.10 5.71% 1.01 51.21 2012.06 1323.48 28.32 87.92 229.48 2012.46 1.62 1561.80 33.42 833,813.53 103.75 55,391.00 20.55 22.67 0.99 2012.07 1359.78 28.74 87.45 229.10 2012.54 1.53 1607.26 33.97 859,593.12 103.36 55,279.94 21.00 23.17 5.67% 51.79 29:17 86.97 230.38 2012.62 1.68 1649.70 34.28 883,817.28 102.23 54,771.12 21.41 23.63 5.45% 1.00 50.86 2012.08 1403.45 1.00 50.52 2012.09 1443.42 29.59 86.50 231.41 2012.71 1.72 1689.14 34.63 906,496.11 101.23 54,323.70 21.78 24.04 5.36% 5.35% 1.01 50.47 2012.1 1437.82 30.14 86.50 231.32 2012.79 1.75 1683.24 35.29 904,908.69 101.27 54,441.88 21.58 23.82 23.07 5.55% 0.99 51.25 2012.11 1394.51 30.70 86.51 230.22 2012.87 1.65 1640.31 36.11 883,446.83 101.75 54,803.51 20.90 905,133.32 102.03 55,054.23 21.24 23.46 5.40% 0.98 51.13 2012.12 1422.29 31.25 86.51 229.60 2012.96 1.72 1677.51 36.86 24.19 5.05% 1.00 50.18 2013.01 1480.40 31.54 86.91 230.28 2013.04 1.91 1740.90 37.09 941,003.67 102.20 55,241.48 21.90 55,139.34 22.05 24.37 4.96% 1.00 49 54 1512.31 31.82 87.30 232.17 2013.12 1763.97 37.12 955,149.97 101.83 2013.02 102.03 55,340.75 22.42 24.78 4.87% 1.02 49.58 2013.03 1550.83 32.11 87.70 232.77 2013.21 1804.19 37.36 978,609.99 0 99 50.62 2013.04 1570.70 32.50 88.78 232.53 2013.29 1.76 1829.20 37.84 993,890.56 103.40 56,179.36 22.60 24.98 5.05% 4.76% 0.97 49.83 2013.05 1639.84 32.88 8987 232.95 2013.37 1.93 1906.33 38.23 1,037,526.97 104.47 56,858.65 23.41 25.88 1618.77 33.27 90.95 233.50 2013.46 2.30 1877.33 38.58 1,023,494.05 105.48 57,504.64 22.93 25.35 4.49% 0.98 48.16 2013.06 47.05 1668.68 33.65 92.09 233.60 2013.54 2.58 1934.45 39.01 1,056,407.05 106.76 58,300.29 23.49 25.98 4.10% 0.99 2013.07 23 36 25 02 100 03 73 107 05 50 051 17 3 0406 2013 nel 1670 00 201 3 63 1023 76 20 20 1 057 037 16V J M R U W K L P Q S B C D E G H I Cyclically Cyclically Stock Market Data Used in "Irrational Exuberance" Princeton University Press, 2000, 2005, 2015, updated Adjusted Adjusted Robert J. Shiller Price Total Return Price Earnings Earning Monthly Real Real 10 Year Consumer Real Real Total Total 10 Year 10 Year Price Long Total TR Ratio Ratio Excess S&P Real Scaled /E10 or TR PIE10 or CAPE Bond Bond Annualized Stock Annualized Bonds Excess Annualized Dividend Earnings Index Date Interest Real Real Return Yield Returns Returns Real Return Real Return Returns Comp. CPI Fraction Rate GS10 Price Dividend Price Earnings Earnings CAPE TR CAPE Date P D E 1,230,112.08 117.16 65,148.07 25.56 28.21 3.629% 1.01 47.18 2212.25 42.47 47.55 2014.06 1947.09 37.38 103.12 238.34 2014.46 2.60 118.28 65,876.67 25.82 28.49 3.65% 1.01 2014.07 1973.10 37.75 1040 238.25 2014.54 2.54 2242.67 42.91 1,249,019.20 28.26 3.78% 0.99 48.24 2014.08 1961.53 38.12 105.01 237.85 2014.62 2.42 2233.25 43.40 1,245,787.13 119.56 66,695.01 25.62 120.35 67,353.85 25.92 28.58 3.61% 1.02 47.83 38.49 238.03 2267.64 43.79 1,267,003.72 2014.09 1993.23 105.90 2014.71 2.53 49.03 2014.79 2.30 2209.53 44.26 1,236,594.85 119.46 66,859.58 25.16 27 74 3.88% 1.00 2014.1 1937.27 38.81 104.74 237.43 66,547.66 26.61 29.32 3.57% 1.01 49.26 103.53 2014.87 44.86 1,314,263.75 2014.11 2044.57 236.15 2.33 2344.56 118.72 39.12 26.79 29 52 3.65% 1.03 50.17 2014.12 2054.27 39.44 102.31 234.81 2014.96 2.21 2369.12 45.48 1,330,153.78 117.99 66,246.42 117.37 66,004.08 26.49 29.17 3.95% 0.99 52.00 2015.01 2028.18 39.90 101.29 233.71 2015.04 1.88 2350.09 46.23 1,321,632.57 3.76% 1.00 51.39 2015.02 2082.20 40.35 100.27 234.72 2015.12 1.98 2402.25 46.56 1,353,148.40 115.68 65,161.94 27.00 29.72 113.83 64,222.30 26.73 29.42 3.72% 1.01 50.90 46.80 1,345,911.78 2015.03 2079.99 40.81 99 25 236.12 2015.21 2.04 2385.50 47.06 1,354,996.58 111.94 63,261.12 26.79 29.48 3.77% 0.98 51.34 49.98 2015.04 2094.86 41.12 97.80 236.60 2015.29 1.94 2397.68 29.40 3.57% 0.99 2015.05 2111.94 41.43 96.36 237.81 2015.37 2.20 2404.97 47.18 1,361,338.35 109.73 62,110.68 26.81 107.70 61,065.63 26.50 2014 3.48% 1.01 49.19 2015.06 2099.29 41.74 94.91 238.64 2015.46 2.36 2382.22 47.37 1,350,695.06 106.09 60.250.63 26.38 29.01 3.49% 1.02 49.46 47.65 1,349,542.78 50 29 2015.07 2094.14 42.00 93.49 238.65 2015.54 2.32 2376.22 59 524.40 25.69 28 25 3.68% 1.00 2015.08 2039.87 42.25 92.08 238.32 2015.62 2.17 2317.92 48.01 1,318,705.94 104.63 50.46 2015.71 2.17 2212.90 48.38 1,261,247.88 103.18 58,806.90 24.50 20.94 3.73% 1.01 2015.09 1944.41 42.51 90. 66 237.95 2015.79 2.07 2305.44 48.74 1,316,305.24 101.66 58,042.05 25.49 28.03 3.64% 0.98 51.02 2024.81 42.80 89.28 237.84 26.23 28.83 3.40% 1.00 50.36 2015.1 2015.11 2080.62 43.10 87.91 237.34 2015.87 2.26 2373.99 49.17 1,357,787.24 100.30 57,366.82 99 07 56,761.79 25.97 28.54 3.47% 1.02 50.71 2015.12 2054.08 43.39 $6.53 236.53 2015.96 2.24 2351.74 49.68 1,347,431.51 2.09 2193.01 49.78 1,258,859.41 98.87 56,755.62 24.21 26.61 3.84% 1.03 51.40 2016.01 1918.60 43.55 86.50 236.92 2016.04 98.76 56,797.72 24.00 26.39 4.17% 0.99 52.90 2175.01 49.93 1,250,916.16 52.23 2016.02 1904.42 43.72 86.47 237.11 2016.12 1.78 2299.34 49 90 1,324,812.84 98.30 56,636.82 25.37 27.89 3.82% 1.01 2016.03 2021.95 43.88 86.44 238.13 2016.21 1.89 3.78% 1.00 52.44 2075.54 44.07 86.60 239.26 2016.29 1.81 2349.14 49.88 1,355,903.86 98.02 56,573.84 25.92 28.50 56,550.80 25.69 28.24 3.81% 1.02 52.31 2016.04 2065.55 44.27 86.76 240.23 2016.37 1.81 2328.41 49.90 1,346,340.48 97.80 2016.05 97.66 56,570.02 25.84 28.40 3.97% 1.01 53.02 2016.06 2083.89 44.46 86.92 241.02 2016.46 1.64 2341.40 49.95 1,356,255.13 1.00 53.87 50.25 1,403,257.78 98.63 57,232.16 26.69 29.33 3.949% 2016.07 2148.90 44.65 87.64 240.63 2016.54 1.50 2418.35 57,750.79 26.95 9.61 3.83% 0.99 53.59 2170.95 44.84 88.37 240.85 2016.62 1.56 2440.93 50.42 1,418,793.73 99.36 2016.08 26.73 29.36 3.87% 0.99 53.19 2016.09 2157.69 45.03 89.09 241.43 2016.71 1.63 2420.20 50.51 1,409,192.54 99.93 58,184.89 0.97 52.56 2143.02 45.25 90.91 241.73 2016.79 1.76 2400.75 50.70 1,400,328.59 101.84 59,403.96 26.53 20.13 3.83% 2016.1 20 48 3.41% 0.97 50.94 2016.11 2164.99 45.48 92.73 241.35 2016.87 2.14 2429.14 51.03 1,419,368.72 104.04 60,793.84 26.85 106.05 62,071.79 27.87 30.50 2.91% 1.01 49.45 2016.12 2246.63 45.70 94.55 241.43 2016.96 2.49 2519.92 51.26 1,474,905.93 49.52 242.84 2017.04 2.43 2537.09 51.21 1,487,453.62 107.57 63,066.89 28.06 30 70 2.979% 1.00 2017.01 2275.12 45.93 96.46 2017.12 2.42 2590.04 51.31 1,521,004.14 109.36 64,221.93 28.66 31.43 2.88% 1.00 49 51 2017.02 2329.91 46.15 98.38 243.60 2.699% 1.02 49 31 2017.03 2366.82 46.38 100.29 243.80 2017.21 2.48 2628.93 51.52 1,546,365.85 111.40 65,524.64 29.09 31.80 50.05 244.52 2017.29 2.30 2612.84 51.67 1,539,434.39 112.44 66,249.84 28.90 31.67 2.86% 1.00 2017.04 2359.31 46.66 101.53 2.75% 1.01 50.10 2395.35 46.94 102.78 244.73 2017.37 2.30 2650.49 51.94 1,564,165.66 113.72 67,113.25 29.31 32.10 67,973.31 29.75 32.56 2.80% 0.99 50.64 2017.05 104.02 244.96 2017.46 2.19 2690.81 52.20 1,590,524.39 115.00 2017.06 2433.99 47.22 116.20 68,798.10 30.00 32.82 2.64% 1.01 50.19 2017.07 2454.10 47.54 105.04 244.79 2017.54 2.32 2714.91 52.59 1,607,363.13 116.98 69,371.22 29.91 32.71 2.81% 1.00 50.62 2017.08 2456.22 47.85 106.06 245.52 2017.62 2.21 2709.14 52.78 1,606,552.80 69,781.68 30.17 32.97 2.82% 0.99 50.49 48.17 246.82 2017.71 2.20 2735.05 52.85 1,624,528.88 117.48 2017.09 2492.84 107.08 49.91 246.66 2017.79 2.36 2807.22 53.16 1,670,025.76 118.58 70,545.58 30.92 33.78 2.55% 1.00 2017.1 2557.00 48.42 108.01 71,264.71 31.30 34.17 2.46% 1.00 50.05 119.60 2593.61 48.68 108.95 246.67 2017.87 2.35 2847.34 53.44 1,696,544.49 72,027.57 32.09 35.02 2.33% 0.99 49.95 2017.11 48.93 109.88 246.52 2017.96 2.40 2926.71 53.75 1,746,504.58 120.70 2017.12 2664.34 33.31 30.33 2.04% 0.98 49.00 2018.01 2789.80 49.29 111.73 247.87 2018.04 2.58 3047.92 53.85 1,821,514.20 122.07 72,952.85 32.04 34.93 1.90% 1.00 47.71 2018.02 2705.16 49.64 113.59 248.99 2018.12 2.86 2942.11 53.99 1,760,966.76 123.54 73,941.04 1.88% 1.00 47.79 2018.03 2702.77 50.00 115.44 249.55 2018.21 2.84 2932.88 54.26 1,758,147.92 125.27 75,093.55 31.81 34.68 0.99 47.59 2653.63 50.33 117.79 250.55 2018.29 2.87 2868.16 54.40 1,722,065.35 127.31 76,437.31 30.97 33.75 1.91% 2018.04 251.59 2018.37 2.98 2907.79 54.53 1,748,591.35 129.31 77,758.61 31.24 34.04 1.73% 1.01 47.08 2018.05 2701.49 50.66 120.13 122.48 251.99 2018.46 2.91 2959.97 54.80 1,782,714.93 131.62 79,273.49 31.63 34.46 1.67% 1.00 47.39 2018.06 2754.35 50.99 81,098.82 31.89 1.62% 1.00 2.89 3001.99 55.28 1,810,797.16 134.45 34.73 47.58 2018.07 2793.64 51.44 125.12 252.01 2018.54 32.39 35.27 1.61% 0.99 47.67 2018.08 2857.82 51.89 127.75 252.15 2018.62 2.89 3069.25 55.73 1,854,170.50 137.21 82,887.12 139.87 84,626.64 32.62 35.52 1.51% 0.99 17.28 2018.09 2901.50 52.34 130.39 252.44 2018.71 3.00 3112.55 56.15 1,883,151.95 85,043.46 31.04 33.70 1.639 1.01 46.71 2982.80 140.34 2018.1 2785.46 52.81 131.06 252.89 2018.79 3.15 56.35 1,807,501.68K P S U V W X C D H I J N R I Stock Market Data Used in "Irrational Exuberance" Princeton University Press, 2000, 2005, 2015, updated Cyclically Cyclically Adjusted Adjusted Robert J. Shiller Price Total Return Price Real Real Earnings Earning Monthly Real Consumer Long Total TR Ratio Ratio Excess Total Total 10 Year 10 Year Real 10 Year S&F Price CAPE Bond Bond Annualized Stock Annualized Bonds Excess Annualized Comp. Dividend Earnings Index Date Interest Real Real Return Real Scaled P/E10 or TR P/E10 or Yield Return Real Return Real Return Returns Date P D E CPI Fraction Rate GS10 Price Dividend Price Earnings Earnings CAPE TR CAPE Returns 2018.09 2901.50 52.34 130.39 252.44 2018.71 3.00 3112.55 56.15 1,883,151.95 139.87 84,626.6 32.62 35.52 1.51% 0.99 47.28 2018.1 2785.46 52.81 131.06 252.89 2018.79 3.15 2982.80 56.55 1,807,501.68 140.34 85,043.46 31.04 33.70 1.639 1.01 46.71 2723.23 53.28 131.72 252.04 2018.87 3.12 2925.96 57.25 1,775,949.68 141.53 85,903.14 30.20 32.88 1.92% 1.03 47.11 2018.11 2767.27 57.94 1,682,561.85 142.70 86,765.67 28.29 30.82 2.50% 1.01 48.57 2018.12 2567.31 53.75 132.39 251.23 2018.96 2.83 2.59% 1.00 49.10 2019.01 2607.39 54.15 133.06 251.71 2019.04 2.71 2805.12 58.25 1,708,529.19 143.15 87,187.26 28.38 30.93 2019.02 2754.86 54.54 133.72 252.78 2019.12 2.68 2951.30 58 43 1.800.528.42 143.26 87.399.24 29.54 2.47% 1.01 49.13 2.57 2987.07 58.53 1,825,327.39 143.17 87,484.84 29.58 32.26 2.61% 1.01 49.43 2019.03 2803.98 54.94 134.39 254.20 2019.21 255.55 2019.29 2.53 3077.12 58.62 1,883,336.63 142.72 87,352.45 30.13 32.88 2.61% 1.01 49.45 2019.04 2903.80 55.32 134.68 2019.05 2854.71 55.70 134.98 256.09 2019.37 2.40 3018.67 58.90 1,850,568.97 142.73 87,498.78 29.24 31.93 2.84% 1.03 50.01 3.09% 1.04 51.63 2019.06 2890.17 56.08 29.28 135.27 256.14 2019.46 2.06 3055.56 59.29 1,876,211.66 143.01 87,813.23 31.99 256.57 2019.54 1 63 3162.28 59.59 1.944,791.71 141.94 87,291.61 29.99 32 77 3.47% 1.00 53.66 2019.07 2996.11 56.46 134.48 2019.08 2897.50 56.84 133.69 256.56 2019.62 1 63 3058.35 59.99 1,883,949.94 141.11 86,925.08 28.71 31.39 3.60% 0.99 53.73 2019.09 2982.16 57.22 132.90 256.76 2019.71 1.70 3145.25 60.35 1,940,574.38 140.17 86,481.84 29.23 31.97 3.47% 1.00 53.42 0.99 53.33 2019.1 2977.68 57.56 135.09 257.35 2019.79 1.71 3133.36 60.57 1,936,356.17 142.15 87,847.71 28.84 31.56 3.52% 3.29% 1.00 52.95 2019.11 3104.90 57.90 137.28 257.21 2019.87 1.81 3268.99 60.96 2,023,311.65 144.53 89,458.54 29.84 32.00 2019.12 3176.75 58.24 139.47 256.97 2019.96 1.86 3347.68 61.37 2,075,180.09 146.97 91,107.39 30.33 33.21 3.19% 1.01 52.84 1.03 2020.01 3278.20 58.69 131.76 257.97 2020.04 1.76 3441.24 61.61 2,136,359.61 138.31 85,864.00 30.99 33.92 3.23% 53.19 3277.31 59.13 124.04 258.68 2020.12 1.50 3430.90 61.90 2,133,145.74 129.86 80, 737.61 30.73 33.64 3.54% 1.06 54.39 2020.02 4.88% 1.02 57.84 2020.03 2652.39 59.58 116.33 258.12 2020.21 0.87 2782.75 62.51 1,733,400.33 122.05 76,024.33 24.82 27.18 2917.23 62.96 1,820,434.15 116.85 72,916.88 25.93 25.41 4.83% 1.00 59.45 2020.04 2761.98 59.61 110.63 256.39 2020.29 0.66 2919.62 59.65 104.93 256.39 2020.37 0.67 3083.67 63.00 1,927,573.99 110.83 69,276.37 27.33 29.95 4.62% 0.99 59.42 2020.05 59.68 257.80 58.79 2020.06 3104.66 99.23 2020.46 0.73 3261.27 62.69 2,041,854.44 104.24 65,260.98 28.84 31.61 4.43% 1.01 29.60 32.45 4.50% 1.00 5915 2020.07 3207.62 59.40 98.89 259.10 2020.54 0.62 3352.46 52.09 2,102,189.63 103.36 64,812.10 2020.08 3391.71 59.13 98.56 259.92 2020.62 0.65 3533.72 61.60 2,219,069.98 102.68 64,481.97 31.16 34.17 4.32% 1.00 58.83 30.84 33.82 4.33% 0.99 58.61 2020.09 3365.52 58.85 98.22 260.28 2020.71 0.68 3501.55 61.23 2,202,074.33 102.19 64,265.84 2020.1 3418.70 58.66 96.86 260.39 2020.79 3535.41 61.01 2,239,142.68 100.73 63,438.09 31.28 34.31 4.17% 0.99 58.00 0.79 2020.11 3548.99 58.47 95.49 260.23 2020.87 0.87 3693.17 60.84 2,329,092.81 99.37 62,669.29 32.47 35.61 3.96% 1.00 57.63 58.28 94.13 260.47 2020.96 0.93 3841.81 60.59 2,426,019.58 97.86 61,797.58 33.77 37.03 3.77% 0 99 57.29 2020.12 3695.31 3.55% 0.98 56.29 2021.01 3793.75 58.06 105.49 261.58 2021.04 1.08 3927.45 60.11 2,483,259.08 109.20 69,048.00 34.51 37.84 55.10 2021.02 3883.43 57.85 116.84 263.01 2021.12 0.97 1.26 3998.40 59.56 2,531,261.36 120.30 76,159.70 35.10 35.48 3.33% 57.63 264.88 2021.21 1.61 3997.96 58.92 2,534,090.73 131.07 83,076.27 35.04 38.40 2.96% 1.00 53.01 2021.03 3910.51 128.20 4141.18 57.71 267.05 2021.29 1.64 4199.28 58.52 2,664,783.21 36.72 40.22 2.82% 1.00 52.51 2021.04 52.26 2021.05 4167.85 57.79 269.20 2021.37 4192.71 58.13 2,663,690.78 40.13 2.88% 1.01 1.62 36.6 1 02 2021.06 4238.49 57.87 270.27 2021.46 1 57 4246.88 57.98 2,701,177.27 37.05 40.62 3.00%% 52.60 2021.54 1.37 4358.13 2,771,934.08 37.98 41.61 3.09% 53.29 2021.07 4358.13 270.80 July 2021 P is June/July CPI July 2021 GS10 is July July 7th close estimated 6th valueU W H J K P Q R V X Stock Market Data Used in "Irrational Exuberance" Princeton University Press, 2000, 2005, 2015, updated Cyclically Cyclically Robert J. Shiller Adjusted Adjusted Price Total Return Price Earnings Monthly Real Consumer Real Rea Earnings Total TR Ratio Ratio Excess Total Total 10 Year 10 Year Real 10 Year S&P Price Long CAPE Bond Bond Annualized Stock Annualized Bonds Excess Annualized Comp Dividend Famings Index Date Interest Real Real Return Real Scaled P/E10 or TR P/E10 of CPI Rate GS10 Price Dividend Price Earnings Earnings CAPE TR CAPE Yield Returns Returns Real Return Real Return Returns Date E Fraction 2.42 1130.41 36.57 $59,115.13 19.17 9,480.42 15.38 10.73 6.60% 0.99 47.13 11.65% .30% 1.35% 2008.12 877.56 28.39 14.88 210.23 2008.96 2.52 35.93 550,573.39 15.66 7,764.35 15.17 10.35 6.61% 0.97 46.61 11.99% 0.52% 11.47% 2009.01 865.58 28.01 12.2 211.14 2009.04 1110.15 27.64 9.53 212.19 2009.12 2.87 1027.63 35.27 511,109.49 12.17 6,051.16 14.12 15.43 6.79% 1.01 45.08 13.42% 0.86% 12.55% 2009.027 805.23 757.13 27.26 6.86 212.71 2009.21 2.82 45 27 13.39% 2009.03 963.91 34.70 480,851.23 8.73 4,356.77 13.32 14.50 7.26% 0.90 14.27% 0.88% 0.97 44.83 13.33% 0.98% 12.35% 2009.04 848.15 26.70 7.08 213.24 2009.29 2.93 1077.09 33.91 538,726.20 8.99 4,494.94 14.98 10.44 6.279% 2009.05 902.41 26.15 7.29 213.86 2009.37 3.29 1142.70 33.11 572,919.91 9.24 4,630.37 16.00 17.50 5.51% 0.97 43.45 12.44% 1.42% 11.02% 2009.06 926.12 25.59 7.51 215.69 2009.46 3.72 1162.74 32.13 584,307.59 9.43 4,738.21 16.38 18.04 5.02% 1.02 41.67 12.37% 2.17% 10.21% 935.82 25.03 9.19 215.35 2009.54 3.56 1176.78 31.47 592,683.08 11.55 5,818.19 16.69 5.02% 1.00 42.42 12.62% 2.38% 10.24% 2009.07 18.41 2009.08 1009.73 24.46 10.86 215.83 2009.62 3.59 1266.88 30.69 639,349.67 13.63 6,878.54 18.09 19.98 4.53% 1.02 42.35 11.41% 9.00% 2009.09 1044.55 23.90 12.54 215.97 2009.71 3.40 1309.75 29 97 662,244.18 15.72 7,950.35 18.83 20.82 4.46% 1.00 43.12 11.35% 2.17% 9.19% 1067.66 23.40 25.35 216.18 2009.79 8.95% 2009.1 3.39 1337.44 29.32 677,479.90 31.76 16,085.75 19.36 21.42 4.32% 1.00 43.24 11.07% 2.12% 2009.11 1088.07 22.9 38.16 216.33 2009.87 3.40 1362.04 28.67 691,153.11 47.77 24,239.62 19.81 21.94 4.19% 0.99 43.29 11.34% 2.03% 9.31% 350 1392.42 707.757.40 63.92 32.488.33 20.32 22 51 3.85% 0 99 42 81 11.36% 9 23% 2009.12 1110.38 22.41 50.97 215.95 2009.96