SPX: a bond trade with a CAPE of 41
Published Sep 18, 2026. Positioning may have changed.
It takes price and divides it by ten years of inflation-adjusted earnings, so one great year or one bad year cannot distort it. The long-run average is about 17. The only time it ran higher was December 1999, at 44.19. We are sitting at 93% of the dotcom peak.
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