Price-to-earnings ratios for the S&P 500's ten largest companies, the remaining 490, and the index overall, going back to 1996.
Price-to-earnings ratios for the S&P 500's ten largest companies, the remaining 490, and the index overall, going back to 1996. The three lines have converged at the right edge of the chart, a setup discussed in the commentary above.
Source: J.P. Morgan
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