Smithers says U.S. stock prices are half again as high as they should be.
For a second opinion I turned to Andrew Smithers, a well-known investment theorist in London.
Mr Smithers draws a gloomy contrast with the permanent revolution that reigns in England's schools.
As a result, thinks Andrew Smithers, an economist, life companies have lost money every year since 1992.
Andrew Smithers, an independent London-based economist, reckons that, taken as a whole, the life-insurance industry is insolvent.
However, Smithers died of cancer on 20 February in the hospital wing at Parc Prison in Bridgend.
Prof Alan Smithers, of Buckingham University, says England's rankings vary for various reasons.
In a new report Andrew Smithers, a London-based economist, argues that American share prices are at least 60% overvalued.
But as an alternative, Mr Smithers points out, it can still target the exchange rate the foreign price of money.
But Alan Smithers, of Buckingham University, warns that single-level tests are no panacea.
Two London-based analysts, Andrew Smithers (p. 114) and David Roche (p. 123) believe today's markets are now on the brink.
The centre's director, Professor Alan Smithers, said employment difficulties were worst in the North East, North West and South West.
Last year the Crown Prosecution Service said bringing Smithers back to the UK had been "a long and complex process".
Alan Smithers, an educationalist at Buckingham University, thinks grades inflate when examiners check scripts that lie on boundaries between grades.
Alan Smithers, a professor of education at Liverpool University, says schools have plenty of incentives to choose the easiest boards.
ECONOMIST: Are competing exam boards driving down standards?
Paul Martin Smithers, 59, skipped bail in 2000 and it took almost a decade to track him down to south east Asia.
But this protean diploma is unlikely to meet it, according to Alan Smithers and Pamela Robinson of Buckingham University, the report's authors.
It also shows a similar story for Tobin's q, the preferred measure of Andrew Smithers, who runs an eponymous London research firm.
ECONOMIST: A survey of global equity markets: Valuation waltz | The
This, Smithers contends, caused profits for 100 of the largest American firms to be overstated by 42% in 1995 and 57% in 1996.
But as Andrew Smithers, an independent financial analyst, points out, this policy is fraught with difficulty, because one never really knows how much money is enough.
But Prof Smithers said many had been categorised by their institutions as being in an "unknown" state of employment - 15.3% of primary trainees and 10.4% of secondary trainees.
Smithers had been held in a Thai prison for three years before he was flown back to the UK in April 2012, accompanied by detectives from South Wales Police.
Andrew Smithers, a London-based economist, put out a report late last year indicating that if Japanese life insurers were held to U.S. or British accounting standards, their collective liabilities would exceed their assets.
Smithers, a British investment consultancy, has recalculated the profits of 145 of America's largest corporations, charging the costs of options against income, and found that profits for 1998 had been overstated by 50%.
As hardly any of them do immunise their stock-option programmes (by buying equal and offsetting options), and were therefore exposed to rising share prices, their true profits, on a full-cost accounting measure, were only 37% of those published, according to Smithers.
Banks, as Mr Smithers points out, essentially take two risks: credit risk the risk that a borrower won't pay the money back and what is succinctly dubbed maturity-transformation risk taking in short-term deposits and lending the money out for a longer term at a higher rate of interest to companies or the government (by buying government bonds).
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