See Wikipedia here
See some source data here and a recent comment from Felix Salmon. Naked Capitalism is skeptical as to the use of the ratio to call market bottom. I concur but I'll revert with a post on trading strategies using valuation as a guide.
In the meantime here is a chart combining the source data mentionned above as well as the latest flow of funds data (Table b102, row 35 / row 32)
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