No. of Recommendations: 6
It's not a perfect indicator, in that the numerator and denominator don't use the same set of companies.
I prefer to compare Wilshire to metrics of the value of Wilshire, or S&P to metrics of the value of S&P 500, etc.
But still, it's not so bad. The fraction of US companies that are publicly listed doesn't change THAT much though time.
The most interesting thing I found from that article is how close relatively recent valuation levels were to their crazy 1999/2000 peak.
Those are levels I never expected to see again.
Jim
