In a well-supported article by zerohedge.com, the author suggests a “fix” to the current problems with price-to-earnings (P/E) multiples.  Among the questions answered are:  Can P/Es tell us anything about stock valuations during periods of earning recessions?  Is a bear market closer than we think?  If so, when is the best time to buy?  What do today’s inflated valuations mean for long-term returns?  Why are outcomes so different when earnings are adjusted to account for mean reversion?  The philosophy and figures are more than interesting when examined across a nearly 100-year sample, as this review does.  You can read the…