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.
By the way, 17.05 is not exactly cheap.
Mike “Mish” Shedlock