Stocks Not Too Hot

(1) Valuation question hanging over the bull. (2) Taking sides with and against Goldilocks. (3) CAPE fear: Prof. Shiller alarms, while Prof. Siegel assures. (4) Rule of 20 and the Misery-Adjusted P/E. (5) The S&P 500 real earnings yield shows stocks are fairly valued. (6) Census Bureau updates its senseless measure of household income. (7) It was up a lot during 2015 and 2016, but is only just above 2000 level. (8) More nonfamily households (who earn less than families) exaggerating income stagnation and inequality. (9) Real consumption per household shows significant increase in standard of living.