Not exact matches
Right now, for the S&P 500, that ratio stands
at more than 29, its
highest valuation since 2002 and well above its historical norms.
The gauge trades
at a
valuation of 18 times reported earnings, the
highest since 2011 when it was in the middle of a 19 percent slide, its biggest during the current five - year bull market.
MSCI EM
valuations are
at their
highest since 2010, but 24 % below DMs.
Oh and before I forget, below is the link talked about during the video where I talk about
valuations being
at all - time
highs since 1900, if you wanted to read this and gain more context.
The S&P 500 registered a record
high after an advancing half - cycle
since 2009 that is historically long - in - the - tooth and already exceeds the
valuation peaks set
at every cyclical extreme in history but 2000 on the S&P 500 (across all stocks, current median price / earnings, price / revenue and enterprise value / EBITDA multiples already exceed the 2000 extreme).
Since the World Cup ended certain players drove their
valuations even
higher, and the good folks over
at Brazilian sports consultants Pluri Consultoria broke out the calculators to show us how much the best and brightest have inflated post tournament.
«Momentum (growth) stocks trade
at an extreme premium to value stocks, with the
valuation spread the
highest since 1980, except for during the tech bubble,» JPMorgan strategist Dubravko Lakos - Bujas wrote recently.
At the
high - end, this may offer a massive
valuation disconnect,
since few other sectors can match premium luxury
valuations — but in reality, hidden luxury usually shows up as affordable luxury.
In practice these are fairly blunt tools that tell me «1 cent a point for American miles is a really good deal» but that I'm not going to spend 2 cents unless there's a very specific scenario — like a few points
at the margin to top off an account for an award I've put on hold — where it makes sense (and in that scenario, my
valuation of each point is
higher since they're helping me to save with a real redemption).