Question: Look at Figure in Chapter 2, which tracks median P/E ratios from 1963 to 2003. Explain why P/E ratios were low in the 1970s and

Look at Figure in Chapter 2, which tracks median P/E ratios from 1963 to 2003. Explain why P/E ratios were low in the 1970s and high in the 1960s and 1990s.

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