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Feb 06 2025
Estimating the Downside

Estimating the Downside - February 2025

  • Feb 6, 2025

Our Normalized S&P 500 P/E multiple (31.5x) ended January just below the contemporary high-water mark of 32.2x set at the end of November. This is the eighth consecutive month the ratio has been north of 30x—the threshold associated with previous market bubbles.

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About The Author

Phil Segner / Sr. Research Analyst & Co-Portfolio Manager

Phil Segner Sr. Research Analyst & Co-Portfolio Manager

Phil is a Co-Portfolio Manager and Sr. Research Analyst at The Leuthold Group, LLC. He is a member of the asset allocation and investment committees and is a major contributor to the firm's research publications.

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