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To: Roads End who wrote (186787)8/8/2002 7:18:20 PM
From: stan_hughes  Respond to of 436258
 
Earnings yield, not dividend yield, based on an estimated 2003 EPS for the SPX of about $42 FWIW

EDIT: I just checked the S&P site and they have $45 for 2003, basis a 'top down earnings as reported' estimate, but in my experience they are notoriously biased toward posting the upper end estimates.

Even the $42 is rather suspect IMO if we start to see signs of that weakening consumer we all think is lurking out there


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