Long-term investors ought to use the recent market rally to cut back on their equity holdings, according to Yale professor of economics Robert Shiller. The S&P 500 forward price-earnings ratio, a common measure of market valuations that compares the index's current price to analysts' consensus expectation for earnings over the next year, is now at the highest level since 2004, according to information from S&P Global. The cyclically adjusted price-earnings (or CAPE) ratio developed by Shiller shows even greater overvaluation; that metric, which compares current prices to average earnings over the past 10 years ... (full story)