Accordingly, prices of stocks (and bonds, and commodities, and currencies) fully discount whatever is the aggregate sentiment of the consensus about how attractive (or unattractive) investing conditions are at that moment.

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The discount is the gap between the net aggregate value of investments and the lower valuation placed on the investment trust itself.

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Even after their tumble, the aggregate price-earnings ratio is in line with developed markets, rather than at the discount that has been the historical norm.

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