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Join us in a standing ovation for our top 10 authors! Their dedication and positivity have made a tremendous impact on our community. Bravo!

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The number in brackets is the HONORARY SHREWD RANKING, which is calculated as:

(number of words typed the last year) * (average post recommendation the last year), for authors having a Shrewdness of 4 or above.

This great celebration takes place on the 15th of March, June, September and December.
Stocks A to Z / Stocks B / Berkshire Hathaway (BRK.A)
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Author: Said   😊 😞
Number: of 12433 
Subject: Re: Latest from Howard Marks
Date: 01/09/2025 11:30 AM
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No. of Recommendations: 3
the average US trend real earnings yield .... Today's S&P 500 valuation level corresponds to being 45% more expensive than any one of those averages

How much is a $ of earnings worth now, how much was it worth then? Lower interest rates justify higher stock multiples than higher interest rates. Until not too long ago we had historically low interest rates, justifying comparatively high multiples. Only right now valuations look high when taking this all-important factor into account.

As comparisons that do not take that into account is like "comparing apples with pears" (the original German saying for your "comparing apples with oranges"): Shouldn't comparing "today" with "then" limit the "then" to years with comparable interest rates?
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