Quote from nitro:
http://www.distressedvolatility.com/2011/08/secular-pe-ratio-bears-vs-earnings.html
I only link to it to show that there are differing opinions. Non of it means anything to me. I only post these things because it is the sort of thing you guys look at, and may find it of interest (I do too to some extent) and makes you feel confident that when someone agrees with you, it gives you emotional support that your positions may bear out, or if they don't you can blame it on consensus. I couldn't care less who agrees with me, only that the market eventually does. Sometimes I will be completely opposite consensus, and sometimes not. It is not a parameter in FV that I give more weight if more people agree with it or not.
I do find that interesting, I realize your model has many moving parts.

