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Today's chart illustrates the price to earnings ratio (PE ratio) from 1900 to present. Generally speaking, when the PE ratio is high, stocks are considered to be expensive. When the PE ratio is low, stocks are considered to be inexpensive. From 1900 into the mid-1990s, the PE ratio tended to peak in the low to mid-20s (red line) and trough somewhere around seven (green line). Notice how most PE ratio peaks that occurred well above the upper threshold (red line) were a result of a massive bear market / recession. The only real exception to this was the dot-com boom which resulted in a PE ratio peak well above 30 in 1999. Viewed in this way, the current PE ratio (just shy of 24) is noteworthy and suggests that the stock market as a whole is by no means cheap.

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May 05, 2016 - Cinco de Mayo (Mexico)
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