This morning's Bloomberg happened to have a story on S&P Multiples:
- Current level: 13 times earnings (I forget if this was trailing or forward, though if I recall, they're most often on forward earnings)
- Average of last five decades: 16.5 times
- If stocks were to increase in price to 16.5 times earnings, the market would need to go up 26%.....
Consensus estimates of the S&P, for what they're worth (and that may not be much...), is 1020 by year end, vs 979 now.