Yes. The current p/e ratio of the S&P 500 is 29.59. Prior to November 1998 it never hit that high in the prior century. So what has the S&P 500 history been since then?
It kept climbing from November 1998 until the dot-com crash started in spring 2000. By Jan 2003 it hit 29.59 on the way down and went down to 17.46 in April 2007.
Then the subprime boom started really going and it climbed to 27.58 by July 2008, hitting 122.39 in May 2009. By October 2009 it was back down to 20.33 and by September 2011 it was down to 13.01.
Then it started its climb again. It was at 22.04 October 2019, before they were talking about Covid even in Wuhan. It hit 39.26 in December 2020 and is now back down to 29.59.
As the poster says, in 1999 and 2000 and in 2007 and 2008 we were hearing about how we were in a new paradigm unmoored from the old reality and so forth. At the end of the day, the economy always came crashing back to earth. In October 1999, the book Dow 36,000 was published echoing a lot of this sentiment. The Dow was 10336 the day before the book came out, then it went down to 7591 by September 2002. In February 2009 it was at 7062. We just finally hit 36,000 DJIA this month (before going down again).
It kept climbing from November 1998 until the dot-com crash started in spring 2000. By Jan 2003 it hit 29.59 on the way down and went down to 17.46 in April 2007.
Then the subprime boom started really going and it climbed to 27.58 by July 2008, hitting 122.39 in May 2009. By October 2009 it was back down to 20.33 and by September 2011 it was down to 13.01.
Then it started its climb again. It was at 22.04 October 2019, before they were talking about Covid even in Wuhan. It hit 39.26 in December 2020 and is now back down to 29.59.
As the poster says, in 1999 and 2000 and in 2007 and 2008 we were hearing about how we were in a new paradigm unmoored from the old reality and so forth. At the end of the day, the economy always came crashing back to earth. In October 1999, the book Dow 36,000 was published echoing a lot of this sentiment. The Dow was 10336 the day before the book came out, then it went down to 7591 by September 2002. In February 2009 it was at 7062. We just finally hit 36,000 DJIA this month (before going down again).