Subject: Re: OT: S&P 500 Valuation
It might be, but I wouldn't bet on it.


You should. Because your analysis did not include the composition of the US stock market by market cap.

I have a slight hunch that it's different than the railroads and utilities that dominated in the early 1900s (OP). Or industrials and consumer staples in the 50s and pharmas and WalMart in the 80s (your period).
Tech companies are qualitatively different in their "raw materials" and "widgets" and "sales". It's hard to see why old rules based on flesh-and-blood products should apply.