Indeks S&P500 na obecnych poziomach jest przewartościowany o 17% - to mit, że
akcje w USA są "tanie"
Various studies, however, indicate that the more relevant method is use a trendline estimate of reported (GAAP) trailing earnings. Our estimate of trendline earnings is currently about $75, and, on this basis, the market is overvalued rather than undervalued
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