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Are Stocks Cheap? (EP.312)

Animal Spirits Podcast

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The Irony of Stocks Going Up Most of the Time

The Nasdaq 100 is up 30% year to date. The average multiple on trough earnings has been exactly 20 times, Bank of America reports. Excluding the largest 50 stocks in the S&P 500, the index trades at just 15 times earnings. That's a full standard deviation below the historical average multiple of 18 times.

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