% Since 2000

12-1-2025
Updated Monthly

Secular Market Top* - Since January 2000

+315.0% Dow       

+457.1% Transports 

+298.2% Utilities

+366.2%  S&P 500

+474.2%  Nasdaq

+ 28.1%  30yr Treasury Bond

+1356.6% Gold

+128.7% Oil
  +96.0% Swiss Franc 

    

From High to Low - Since Year 2000

+1356.6%  Gold

+474.2%  NASDAQ

+457.1%  Transports

+366.2%  S&P 500

+315.0%  Dow

+298.2%  Utilities

+128.7%  Oil

+96.0%  Swiss Franc’s

+28.1%  30yr Treasury Bonds

December 1999 Shiller PE10 was 44.19               
August 2000 S&P 500 dividend yield was 1.11%  

Shiller PE10 12-1-25 is 40.42  134% above its mean (17.31) since 1871.

S&P 500 dividend yield 12-1-25 is 1.14%  73% below its mean (4.22%) since 1871.

[Shiller PE10 & dividend yield is reported using data from the beginning or end of the month when I update.  It may or may not exactly be the first or last trading day of the month.]

12-1-25

S&P 500 Stock-earnings yield 2.47%

Bond rate 5.17%

Stock-earnings yield/bond yield = 48% of  present bond yield.

Dividend yield/bond yield = 22% of the present bond yield.

*Measured by valuations.  

Year 2000 Shiller PE peaked at 44.19 with a scant S&P 500 dividend yield at 1.11%.  This high Shiller PE and low dividend yield has not been surpassed since 1871.

Stock-earnings yield (December 1999) was 2.26%.  High grade corporate bonds were in the 7% range in abundance.  This would push my EYC ratio - [see Ben Graham's Corner] - to 0.36!  Anything below 0.50 is in crash alert range.    

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It is easily seen in the year 2000 the Nasdaq was horribly overvalued and gold was on the give away table, such lopsided returns 25+ years later!