He found that this smoothed the extremes of the ratio and improved its long-term stock market return forecasting ability.

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The first component is stock market fundamentals, which incorporates valuations and forecasting.

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With nearly 5, 000 measurements for about 60 gurus, including bulls and bears and technicians and fundamentalists, they have achieved a critical mass in assessing the forecasting acumen of the stock market gurus as a group.

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