I've seen this argument posted many time on hotcopper. But where...

I've seen this argument posted many time on hotcopper. But where do people get the idea the Dow PE ratio is 20 times? More like 12 times at present perhaps it was 20 times last year? The statistics are available at the links below.


http://www.djindexes.com/mdsidx/index.cfm?event=showAvgStats
http://www2.standardandpoors.com/portal/site/sp/en/us/page.topic/indices_500/2,3,2,2,0,0,0,0,0,0,7,0,0,0,0,0.html