Michael McGinley

Investing Now: What You Don't Know Can Hurt You

"The S&P 500 as a whole is trading for 15.0x and 12.0x, 2008 and 2009 earnings, respectively," Dirk Van Dijk of Zacks wrote yesterday.

Wrong!! According to S&P's website, 2008 reported earnings are estimated at $60. 2009 reported earnings are estimated at $59. Mr. Van Dijk is probably using operating earnings (better known as nonsense). Using real, as reported earnings, today's P/E is about 20 times. Value in stocks? Please.