DESCRIPTION: This video explains the trend and effect of the price/earnings ratio (P/E) across secular stock market cycles.

Unexpected Returns: A Course of Insights is an online, on-demand video-based presentation series delivered by Ed Easterling that discusses key concepts from his book Unexpected Returns.

He combines the teaching style from his experience as an Adjunct Professor with the edutainment style from his ongoing experience as an industry speaker. The presentations use Crestmont’s thought-provoking research and dynamic color graphics to deliver insights about the causes and principles driving secular stock market cycles.

This presentation series includes six classes describing concepts of long-term stock market cycles, investment returns, market valuation, volatility, compounded returns, and investment approach. Each class runs approximately 30 minutes; the series is available as a full course or in two-class parts. The first two classes address the basic principles that drive the variation in stock market returns over decade-long periods, the components of stock market returns, implications about the inflation rate, and the impact of volatility on compounded returns. The second two classes address details behind changes in market valuation resulting from financial and economic tradeoffs, changes in the inflation rate, and indicators of the current environment for long-term returns. The third two classes address two of the popular investment approaches, relative returns and absolute returns, and the implications for investment strategy.


“Einstein once said he would only be happy when he could explain the laws of Physics to a barmaid; I think you have met that standard with this course.” Phil D.

“…you’ve outdone yourself! I think it’s an excellent program deserving of a prize.” Mike S.

“I think it’s great and a real complement to the book!” Brian C.

“Nice speaker and fantastic charts and graphics! Great information to assist in overall stock market and investing insights…easy to follow, speaks clearly and at a good pace.” Kim H.

“The message was made understandable for someone without thorough knowledge of how the Stock Market operates. As a lay-person on the subject, I don’t know enough about it to be critical of the content…[but the] presentation was very good.” B. Myers

“…I thought it was an excellent method of explaining the contents of Unexpected Returns utilizing audio and visual techniques. I got a lot out of it and felt the section on Investment Strategy was outstanding and revelational… You really know how to make a student feel intelligent…” Nick P.

“Even though I have been hugely educated by your excellent book, you webinar was even better.” Richard I.