Price-to-Earnings Multiples (PEs)
Marking The End of Past Bear Markets

Past as Prologue: P/E Ratios and Bond Yields at Past Market Troughs

Date S&P 500 P/E Treasury Yields
(trailing 12-months)
Dec. 19208.52NA
July 19329.353.2% (long-term govt. securities)
March 193810.622.64% (long-term govt. securities)
April 19427.932.44% (long-term govt. securities)
May 196218.323.87% (10-year note)
Sept. 196614.125.18% (10-year note)
June 197013.697.84% (10-year note)
Dec. 19747.547.43% (10-year note)
July 19827.8313.95% (10-year note)
Oct. 199014.218.72% (10-year note)
Sept. 199824.24.81% (10-year note)
Avg. 13.635.96%

Researched by Robert Shiller, Yale economics professor and author of "Irrational Exuberance."
The historic Treasury-note yields come from the Federal Reserve.

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