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P/Es Now Exceed Nifty Fifty Era of 1972-1973
The P/Es (price to earnings ratios) of that fabled Nifty Fifty Era have met their match. Back then, the most expensive stocks trading in the S&P 500 Index were 3 times the median P/E of the remaining 80% of the stocks in the index.
Today, the top 20% of the index command 4.8 times the median P/E of the remaining 80%.
Put another way, speculation is far greater today than what it was in the Nifty Fifty Era.
Source: On Wall Street, March, 2000
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