If readers want to contemplate something meaningful at this juncture, one thing to think about is that the real earnings yield of 7.0% for the S&P 500 is extremely high on a historical basis.
Obviously, a lot of uncertainty about the outlook has contributed to the high risk premium in stocks, but if the market's worst fears do not come to fruition, the value proposition presented by that high earnings yield should start to shine through.
As a reference point for our readers, we have put together a valuation chart book for the S&P 500 and the ten economic sectors that comprise it.
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