the next five years, would you sign up? What if they added that, at some point over that period, the

value of your investment may drop by 30%? High volatility, low return investments do not get serious

attention among even the most foolish of investors, so we would venture to guess there would be very

few takers.

Interestingly, based upon the CAPE analysis above, the U.S. stock market is currently offering that very

same probability of return and risk and buyers cannot seem to get enough. Given these dynamics, not

only is investor behavior perplexing, it seems to us altogether incoherent which in our view provides

further evidence bubble behavior is upon us.