Mark Schoenenberger

S&P 500 Earnings vs. Valuation Matrix

Standard & Poor posted expected 2009 earnings on the S&P 500 as $48.52 on Oct. 14. (They have dropped earnings estimates every month since March when it was $81.52).... History tells us (read Shiller), that during a credit and banking crisis, the S&P 500 drops to P/Es below 10.... ERGO- your table, S&P and history tells us that the S&P 500 will go below 450 during this recession...