Valuation - S&P 500 Cyclically-Adjusted P/E Ratio (CAPE) vs. Consensus Forward 12-Month S&P 500 P/E

Prices have lagged the earnings boom, pulling near-term valuations below their trend-earnings multiples. The US market, for now, shows no clear signs of a bubble.

Image: Goldman Sachs Global Investment Research

S&P 500 Cyclically-Adjusted P/E Ratio (CAPE) vs. Consensus Forward 12-Month S&P 500 P/E