Beta-plus (Î² +) radiation is the emission of positrons, which are the antimatter form of electrons. When a positron slows to speeds similar to those of electrons in the material, the positron will annihilate an electron, releasing two gamma photons of 511 keV in the process.
The Congressional Budget Office puts the cut-off lower, at $347,000 in 2007, or $252,000 after subtracting federal taxes and adding back transfers. Measured by net worth, rather than income, the top 1% started at $6.9m in 2009, according to the Federal Reserve, down 23% from 2007.
Thus, the average earnings estimate used by the July 2011 CAPE is too low and produces a bearishly biased estimate of value. Using Shillerâs data, a July 2011 CAPE based on the average of six years of real earnings is 21.26 and the long-term average CAPE based on the average of six years of real earnings is 15.78. Comparison to this average indicates that stocks are overvalued by 34.7%.