Sentences with phrase «nonfinancial gross»
In the 33 years since the 1982 low, valuations have quadrupled, and the S&P 500 has enjoyed an average price increase of 9.5 % annually, even though nonfinancial gross value added has increased by only 5 % annually.
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The chart below shows the ratio of market capitalization to national nonfinancial corporate gross value added (which includes estimated foreign revenue of U.S. companies).
The chart below shows the ratio of nonfinancial market capitalization to corporate gross value added, including estimated foreign revenues (MarketCap / GVA).
These measures include the S&P 500 price / revenue ratio, the Margin - Adjusted CAPE (our more reliable variant of Robert Shiller's cyclically - adjusted P / E), and MarketCap / GVA — the ratio of nonfinancial market capitalization to corporate gross value - added, including estimated foreign revenues — which is easily the most reliable valuation measure we've ever created or tested, among scores of alternatives.
Among these, the ratio of nonfinancial market capitalization to corporate gross value - added has the strongest correlation (about -93 %) with subsequent 12 - year S&P 500 total returns.
As a reminder of where the market stands at the moment, the chart below shows the ratio of nonfinancial market capitalization to corporate gross value added.
The chart below shows the ratio of nonfinancial market capitalization to corporate gross value - added, including estimated foreign revenues.