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Grinold-Kroner: repricing change in P/E (CFA Mock B - Ptolemy Q3)

@ravivooda @vincentt‌

What does it mean by expected P/E 10 years prior?

Why is the repricing of P/E = 15 (expected P/E 10 years prior) on numerator? I would have thought the (current P/E) should be on the numerator?

A bit confused. Thanks.

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