More interesting than those peaks are those troughs I reckon. I think a PE right now of 15 (the mean) would be hugely generous in its historical context and yet represents an approximate 25% drop for S&P 500 close to 2000pts which is where my target is over next 3 months.
Dont forget as cute as that little graph is and a trough anticpated at levels 20% lower than where we are at now, the swing from high to low represent much pain and economic loss.
BBUS, page-833
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