Interesting tidbits on P/E10 from a Seeking Alpha article. http://seekingalpha.com/article/194417-is-market-cheaper-than-shiller-pe-would-suggest “The cyclically adjusted earnings used for the CAPE analysis are $2.38/share, compared to the $9/share they earned in 2009 and the $11.64/share expected this year. It’s certainly legitimate to argue that margins and earnings will “revert” to a lower mean, but putting a 15 PE on Apple’s cyclically adjusted earnings would necessitate a stock price of $36, ie 84% below where the stock currently trades. That would be slightly above the $27 in cash per share on Apple’s balance sheet.” “Another example of the problem with using cyclically adjusted PE ratios is Citigroup ©, whose 10 year average earnings per share is $1.62. If you want to value the company based on that number, be my guest. But be aware that in 2011 Citigroup is expected to earn 34 cents. Paying 12 times the 10 year earnings figure would put the stock at $20, or 400% above current levels.”