We looked into this fairly deeply and found that the lower value corresponds to the harmonic weighted average: https://​​en.wikipedia.org/​​wiki/​​Harmonic_mean. This is the one that is relevant for mean reversion. When the valuations of the companies vary widely, the different means give very different answers. The most robust is the Shiller P/​​E, and for Russia, it is 5 now.
We looked into this fairly deeply and found that the lower value corresponds to the harmonic weighted average: https://​​en.wikipedia.org/​​wiki/​​Harmonic_mean. This is the one that is relevant for mean reversion. When the valuations of the companies vary widely, the different means give very different answers. The most robust is the Shiller P/​​E, and for Russia, it is 5 now.