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...E R Yescombe YCL Consulting, London N10, UK...
...30x P/E multiple is sustainable given rest of the index trades at 18x,” write Goldman’s David Kostin and team....
...As befits an AI proxy, Intuit doesn’t look cheap on 36 times forward earnings. Smaller rival H&R Block trades on a multiple of only 12 times....
...In the European tech sector, you can attribute the high P/E to heavy weighting of expensive ASML and SAP, which together make up half the sub-index....
...The forward P/E of the Mag 7 is 31. The rest of the S&P 500, excluding the Mag 7 and four stocks with negative expected earnings, has a forward P/E of 19....
...The S&P 489 has a weighted average P/E of 24, cheaper than the whole index, but not by much....
...Japanese stocks traded on a P/E of 67x in 1990. The Nifty 50 traded on a P/E of 34x in 1973....
...One, Apple shares have gotten more expensive, so the p/e value of the things have gone up. So he’s thinking, I bought this thing, I’ve made a load of money on it....
...This sounds to us like a stretch, and consumers who can’t afford the new mortgage rate or a car loan payment are not deciding based on theoretical changes in r-star....
...Political will for public R&D investment has materialised....
...The FTSE 100 trades on a 11.6x P/E. This valuation puts the UK on the 38th percentile vs. its own history (since 2006)....
...That could be what is happening in the p/e chart above. That would not necessarily signal the death of the size factor. One good read Sport gambling is proliferating in the US....
...In contrast, the S&P 500’s price-to-book ratio is close to the record 5 times it touched in 2021 and 2000 (the Nasdaq’s P/B ratio is close to 7.5 times)....
...Examples are Chipotle, Chuck E Cheese’s, Domino’s and Hard Rock Café, and delivery services such as DoorDash and Uber Eats. Uber Eats and Domino’s UK told us they don’t accept crypto payments....
...On Sunday Usher, the R&B star whose hits dominated in the 2000s, anchored a half-time show with appearances by collaborators including Alicia Keys, H.E.R. and Ludacris....
...In our view, this probably explains their strong re-rating (forward P/E of 27.2x), and why they are trading at a 110% premium to the STOXX 600 (13.0x)” wrote....
...Thanks for reading — Jamie Woodside struggles to balance E&P and ESG “The world is not prepared to live without energy.”...
...On a forward P/E basis, the S&P 500’s 2021 (harmonic) average was 23, versus an average of 22 in the past four months and 18 in the past three decades....
...Not a sophisticated piece of gear, but hey, it doesn’t need to be....
.../ From E R Yescombe, YCL Consulting, London N10, UK...
...case of a volatility surge during a market crash, the gamma and delta of the covered calls would quickly go to zero but wouldn’t reinforce the market move (i.e., gamma won’t turn negative)....
...But we are valuation nerds, and can’t help but point out that p/e ratios have to be seen in the context of growth rates, and the Magnificent 7 are very fast-growing....
...I don’t see much of this right now. Stocks with low P/E ratios relative to their expected growth rates are rare....
...And as Chronert points out, S&P 500 performance this year has been notably correlated with economic surprises (his chart): The simultaneously strong market momentum and delirious sentiment doesn’t worry...
...What is the trailing P/E ratio of the top-10 stocks in the S&P 500 today? They are more overvalued than the top-10 were in the tech bubble....
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