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Once and Future S&P 500 P/E Multiples

Some useful factoids on the S&P index's price/earnings multiple at its peak, at its recent nadir, and today:

• March 2000: 32.8
• October 2002: 25.7
• May 2007: 18

Of course, that is all relative stuff, so it's worth looking at the long-term historical figure. There is considerable debate here, but the consensus, such as it is, is that the historical S&P multiple based on operating earnings is around 12.

[via Bloomberg]
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