Weekend Charting and Chat - 26th May 2017, page-33

P/E ratios for most larger SP500 companies are quite a lot higher than ASX large caps.
Check out P/E of N.A.B here compared to Goldman Sachs. Not that much difference but payout ratio is tiny for GS compared to NAB. GS dividend yield is 1.3%. and no franking credits. NAB dividend is 9.3% gross.
If NAB was in the US the share price would likely be $100 at least.
Our XJO could be a multiple greater than 5750 if we valued large caps the same as the US.
Alphabet, (Google) has a P/E ratio of 34. The whole setup and sentiment in the US is nothing like what it is over here. That is why I think the XJO has gone downhill since 2007.