Monday, November 23, 2020
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Market valuations aren’t mean reverting
Stock market valuations can make investors nervous when elevated above long-term averages.
And valuations are very much elevated right now.
“The forward 12-month [price/earnings] ratio for the S&P 500 is 21.7,” Factset’s John Butters observed on Friday. “This P/E ratio is above the 5-year average (17.4) and above the 10-year…
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