Zeev's Turnips Patch-No Politics (ZEEV)

[ardent jd]

wahz

The P/E you give for the S&P is based on optimistic assumptions about growth, and on "operating" earnings. On reported earnings, the P/E may be double what you say, especially given the inevitable large hits for pension underfunding. I agree with some of the reasons you have stated in your posts why the market may move higher, but valuation is not one of them.