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by Mish

The above chart from the Wall Street Journal.

When the earnings went negative, the Journal put out this “NOTICE TO READERS: The as-reported P/E of the Russell 2000 is negative because of the many ‘1 time’ non-cash charges that must be reported because of GAAP.

The as-reported earnings of the S&P 500 is now a very expensive 23.61 vs. the fluff operating estimate of 17.05.

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By the way, 17.05 is not exactly cheap.

Mike “Mish” Shedlock