More on P/E ratios and whether this market is cheap

Summary: The P/E ratio is a statistic that, while all-encompassing, can be misleading in determining under- and overvaluation. Nonetheless  regarding valuation it can be a useful guide in context.

I have written a lot about multiple expansion in the past year because I think this is a big issue. The United States is trading at a premium to other developed markets in terms of price to earnings and this multiple has been increasing even in the face of a recent increase in interest rates, which ...

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