Beginning with my own PE class, I planted the first seeds by changing the culture of what students believed gym class was and what quality physical education meant.
So what the heck was I doing buying a stock like Green Mountain in the first place, which had a PE (based on trailing 12 month EPS) a little above 60 when I made my purchase?
Because the market was so high about a decade ago--dividend yields got down to about 1% and PE got up to almost 40 times--as I say in my book and as I said in the speech I gave at Princeton called "Don't Count On It, " if you think the stock market is going to give a positive return in the next decade, don't count on it.
"I think, as an investor, you get a lot of comfort over having a prominent PE firm involved in the transaction, " said Jonathan Crane, chairman of KeyBanc Capital Markets Inc.
The chief argument I hear being made against this being a secular bull is that no prior secular bull has ever begun from a PE multiple above ten on the broad market.