p/e-talen s&p 500

;=))

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When one accounts for the headline CPI, equity valuations appear at historical extremes. By historical extremes, we mean similar to those seen in August 1987 or March 2000. In fact, the present combination of 5.6% headline inflation and S&P 500 trailing PE of roughly 25 has NEVER before occurred in the 44-year history of our data

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Inflation expectations are literally imploding, and that is good for equities. Unfortunately, earnings estimates have yet to react, and that is worrisome. Thus, unless one believes in an immense productivity miracle, the S&P 500's PE multiple must substantially decrease because of rising inflation and nominal growth or earnings are likely to be very disappointing because of disinflation/deflation.
...fast den andra kändes ju inte så katig.

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Bill King (The King Report): Merrill's Bernstein - valuations at historical extremes