S&P 500 Very Expensive Relative to International Equities

Apollo Chief Economist

Comparing the P/E ratio of the S&P 500 with the P/E ratio of the rest of the world shows a record difference, see chart below.

In other words, US equities have never been more expensive relative to international equities.

S&P 500 is very expensive compared to international stocks
Source: Bloomberg, Apollo Chief Economist (Note: BEst PE ratio using 12-month forward earnings; BEst = Bloomberg estimates)

Download hi-res chart(s)


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