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How Low Are PE Ratios? A Comment on Mark Hulbert’s Take

onzilla,

I didn't take the huge (expected) reduction in financial earnings out of the data, but you're right, I should have. That of course makes the picture even bleaker, as I pointed out in my previous article.

Ben Graham (in his classic book, "The Intelligent Investor") flatly states that one should use average (as reported) earnings (7 or 10 years) to analyze a company's stock. I'm still playing around with different approaches -- using various combinations of multi year past earnings and forecasts.

By the way, do you know of a source of7 or 10 yr historical earnings for companies? S&P makes historic index earnings readily available, but it's not so easy to find data for individual companies.

Too Late to Short SPY? An Historical Perspective

For more on this topic, check out today's nytimes

economix.blogs.nytimes.../

Crazy P/E Ratios

The market "may have priced in" anticipated 2009 earnings, but based on long term PE's, we're still in a bubble. see
seekingalpha.com/artic...

Robert Shiller's Real Track Record

So, you still think Shiller was wrong?