Existingsocioeconomicdatabases were usedtoensureafairpopulationsample. Once identified, theinterviewees weretelephonedandasked tocompleteashortquestionnairewitha trained interviewer.
For example, if an employer can demonstrate that a typing test and skills tests using Microsoft Office software products constitute afairsample of the content of an administrative assistant job, then the tests will probably be considered content valid.
To be fair, Hulbert does note that he was looking at a small sample size and that there have been instances where the CAPE ratio has stayed at high levels before a bear market set in.