The authors propose a number of enhancements to the Shiller CAPE, and they showed the enhancements improve the predictability of forecasting the S&P500's return. Their enhancements involve normalizing with nominal (as opposed to real) returns, cash flow, sales, GDP, CPI, Hodges-Lehmann mean, or an Thiel Sen estimator.
PHILIPS, T., & URAL, C. (2016). Uncloaking Campbell and Shiller's CAPE: A Comprehensive Guide to Its Construction and Use. Journal Of Portfolio Management, 43(1), 109-125.
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