Crestmont Market Valuation Update

Via Doug Short:

The Crestmont P/E of 19.9 is 45% above its average (arithmetic mean) of 13.7. This valuation level is similar to the 44% we see in the latest S&P Composite regression to trend update and higher than the 26% above mean for the Cyclical P/E10 (more here).

The Crestmont P/E of 19.9 puts the current valuation at the 90th percentile of this 141-year series.