The S&P 500 cycle-adjusted P/E is now 29.9 and 75% above its long-term average. I'm actually surprised it wasn't lower at the March lows.
Critics say this doesn't bode well for long term investors. What's one supposed to do? Sit in cash until the P/E drops below the line?
I'll make the argument that there are many, many, many more dollars chasing stocks today than even 2000 thanks to globalization.
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