Hussman PER for SPX since 1980
The median for the time period is 16.7; mean is 16.9.... i.e., pretty much identical
The market is around 16x currently, so certainly on this reasonably long-term metric US stocks on an index level don't look piss cheap right now. Of course, at the micro-level there could be bargains. But buying the index probably isn't a ticket to wealth... or at least a phat pension right now.
My guess is wait till September (see page eight) for the Eurocrats to come back from holiday and balls up the financial system in Europe leading to a collapse in Euroblx and triggering some kind of global sell-off for things to get interesting on a broader level in the US.
No comments:
Post a Comment