Market

Measurements

From High to Low - Since Year 2000

+ 764.8% Gold

+ 438.9% Transports

+ 335.3% Nasdaq

+ 284.4% S&P 500

+ 261.5% Dow
+ 260.3% Utilities
+ 187.3% Oil

+   85.4% Swiss Franc

+   35.3% 30yr Treasury Bonds

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

Shiller PE10  8-1-24 is 36.43  112% above its mean (17.14) since 1871.

S&P 500 dividend yield 8-1-24 is 1.27%  70% below its mean (4.25%) 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.]

8-1-24

Stock-earnings yield 2.74%

Bond rate 4.94%

Stock-earnings yield/bond yield = 55% of  present bond yield.

Dividend yield/bond yield = 26% 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%.  These high Shiller PE or 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] - at 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 20+ years later!