The All Ordinaries long-term P/E chart closed 2011 at 12.21.

Here are the last three years.

What do you think? Could the Australian market experience an unprecedented third down year?

Anything is possible, but the odds are certainly more in investor’s favour today than they were in 2011, and 2010 for that matter.

If you are looking for investing ideas for 2012, request our free reportThe Motley Fool’s Top Stock For 2012Click here, whilst it’s still free and available.

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Rediscover that winning sharemarket feeling

Data via Colin Nicholson