The forward P/E of the S&P 500 is over 22. "TWENTY TWO." We have heard so many comparisons of economic data that end with "not seen in 40 years [or more]" that it is hard to imagine that we'll avoid going at least as low as we did after the 1982 recession. The would halve the markets from today's values, give or take. I mean, "take."
Graphic courtesy of the blog below, a very good read:
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