Wonder if CRV is reacting to the same underlying trends causing Warren Buffet to sell stock (e.g., Cape / Shiller PE ratio is close to an all-time high)...
Ever hear "there are no alternatives to stocks?" The alternative to stocks in the past was consumption; not so when concentrations of wealth cannot be spent in a thousand lifetimes. It's the perfect storm for crazy P/E. If you believe Piketty's work, that kind of reverse shift never happens gradually, and these P/E ratios represent the "maturity" of a period of relative peace and stability.
It's worth mentioning, as an aside, that as long as inflation is positive, investors do not actually need to see earnings.