Some S&P 500 valuation charts... TLDR; SPX valuations aren't as crazy as they look at first glance Big diff between market cap weighted and equal weight valuations (forward P/E). Ratio close to highest in this data. EW valuations are right around medians (compared to itself)

Disty of forward P/Es for SPX members paints a moderate picture. 285 trade below 20x. 185 trade below 15x. Big right skew here.

Forward ROE at highest in this data (since 2006). Somewhat justifies valuations. Of the 244 months in our sample, 45 exhibited higher valuations, but those periods had a median forward ROE of just 18.3%, or 290 bps lower.