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The historical median value of the U.S. CAPE ratio is 16.12 for 1880-2017. Suppose that the current level of the CAPE ratio is 32.77. Assuming

The historical median value of the U.S. CAPE ratio is 16.12 for 1880-2017. Suppose that the current level of the CAPE ratio is 32.77. Assuming no change in the inflation-adjusted earnings from the previous 10 years, if the CAPE ratio fell back to its historical median value, by what percent would the U.S. stock market decline?

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