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Strategies & Market Trends : John Pitera's Market Laboratory
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To: robert b furman who wrote (13667)2/20/2013 10:27:25 PM
From: John Pitera  Read Replies (1) of 33421
 
Hi Bob,

my question is what are interest rates doing during those periods? if the 10 year yield is going down.... then that should...... "all else being equal" drive the P/E multiple higher.

I shall have to pull out the Federal Reserve's long time equity valuation model where equities multiple were derived from the operational earnings of the SPX 500 for the coming year to come up with the operating earnings yield of the SPX....... and then comparing that with the Yield of the 10 year note.

John
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