The S&P Has Never Before Been This Expensive: The 'Peak PEG' RatioGuest Post
Measuring the Equity Bubble
In this brief note we discuss how, on some reasonable metrics, the S&P may qualify as the most expensive in history. When compared to potential economic growth, multiples on the S&P500 exceed even those seen during the Tech Bubble in 2000. To value the S&P index, we use a variation of the Shiller P/E and the Hussman P/E. In a simplistic form, the 'Peak PEG ratio' is a price to peak-earnings multiple, adjusted for long-run trend growth . . .
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