S&P TBill/Earnings Yield

["Earl Adamy" <eadamy@xxxxxxxxxx>]

I haven't posted one of these in a long time - the ratio still remains 10%
above the extreme danger zone. The modest rise in earnings and decline in
the S&P has been offset to a large degree by the rise in TBill yields. A
30%+ drop in the S&P would be required to bring the ratio back to 1.0 which
is still well above historical norms.

Earl

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