Stats › Bear markets and drawdowns › Dot com bubble
CAPE reached 44.19 in 1999 and the decade returned -0.9% a year
December 1999 remains the record. Source: multpl.com, Shiller data.
Valuation sets the starting point for long horizon returns. The S&P 500's CAPE ratio reached 44.19 in December 1999, the highest reading in a series that begins in 1871, above 1929's 32.56. The decade that started there returned minus 0.9% a year.
44.19CAPE, December 1999
32.56CAPE, September 1929
-36.77%First bear market
-0.9% a yearNext ten years
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