Sure. Cyclically Adjusted Price over Earnings. Its a metric developed by econ researcher Robert Shiller, meant to aid those long term investment strategies by

Sure. Cyclically Adjusted Price over Earnings. Its a metric developed by econ researcher Robert Shiller, meant to aid those long term investment strategies by quantifying the idea of 'value'. Using 10-years of earnings helps to sidestep a lot of the problems of P/E as a snapshot. As the time series helps to show, 10-year returns are highly correlated to the price paid for those corporate earnings.