Robert Shiller of Yale and Jeremy Seigel of Wharton were recently interviewed by the WSJ regarding the current value in the markets. Shiller has been quite vocal about the market being historically expensive. His 10 year CAPE is widely followed and current levels have tended to be consistent with a market at risk of decline. Seigel, on the other hand, rejects Shiller’s backward looking indicator and instead prefers to look at forward earnings. By this metric, Seigel believes the market remains inexpensive.