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Valuation Chart Packet Published on October 8, 2025

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Small Cap vs Large Cap Historical P/E Ratio
Small Cap vs Large Cap Historical P/E Ratio

Leuthold 3000 Small Cap non-normalized trailing operating earnings vs Leuthold 3000 Large Cap non-normalized trailing operating earnings.

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S&P 500 Normalized P/E Ratio
S&P 500 Normalized P/E Ratio

Five-year arithmetically averaged annual earnings, looking six months ahead and 54 months back. Adjusted earnings are the mid-point between reported and operating earnings

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U.S. vs Foreign Relative P/E Ratio
U.S. vs Foreign Relative P/E Ratio

MSCI USA 5-year normalized P/E divided by the MSCI World Ex U.S. 5-year normalized P/E. The ratio is distorted in the late 1980s by the Japanese market bubble.

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Median Developed Country (Ex USA) Normalized Price to Earnings Ratio
Median Developed Country (Ex USA) Normalized Price to Earnings Ratio

MSCI developed country median normalized price to earnings ratio using 5-year normalized EPS. The chart includes historical bull market peaks, overall median, and median of bull market peaks.

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EAFE/Emerging Markets Relative P/E Ratio (Using Normalized EPS)
EAFE/Emerging Markets Relative P/E Ratio (Using Normalized EPS)

MSCI EAFE vs MSCI EM price to earnings using 5-year normalized EPS.

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Emerging Market Normalized Price to Earnings Ratio
Emerging Market Normalized Price to Earnings Ratio

MSCI Emerging Market price to earnings ratio using 5-year normalized EPS. Since the October 2007 peak and subsequent trough in Feb 2009, the EM Normalized P/E ratio has been range bound.

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S&P 500 Sectors: 5-Year Normalized P/E Ratios
S&P 500 Sectors: 5-Year Normalized P/E Ratios

S&P 500 Sectors: Normalized P/E Ratios on a boxplot to show the quartile distribution of historical values as well as the current value. The whiskers on the box plot show 1.5x the 1st and 3rd quartile range. Data outside the whiskers are considered outliers.

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S&P Earnings Estimate by Quarter and Full Year
S&P Earnings Estimate by Quarter and Full Year

S&P Earnings Estimates by Quarter and Full Year over the past year.

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Price Impact by Reported Vs. Estimates
Price Impact by Reported Vs. Estimates

This plot has four quadrants that represent the potential scenerios of a firm beating or missing their earnings and sales estimates and how that impacts the price return.

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Estimates Sector Rankings
Estimates Sector Rankings

Estimates Sector Rankings

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S&P 500 EPS and Sales Median Surprises
S&P 500 EPS and Sales Median Surprises

Long term history of earnings and sales surprise data along with the historical averages.

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