In general, a P/E of over 17 for the stock market as a whole is a danger signal. Do not invest heavily when the market is this high. A P/E of under 12 is a buy signal; one of under 10 a definite buy signal. Your stockbroker or a good financial newspaper should tell you what the current market average P/E is. If asked which P/E you mean, say learnedly “the historic P/E, bozo.”5
