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Here's the S&P 500, along with its earnings, since 2000. The earnings line is in gold and it follows the right scale. The left and right scales are at 15-to-1, so when the lines cross, the market's P/E ratio is 15. Since the market peaked seven years ago, earnings are up 70%.

Posted by edelfenbein at May 22, 2007 9:37 AM