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Dec 03 2021

A Small-Cap Dot-Com Valuation Replay?

  • Dec 3, 2021

As shown in Chart 1, the relative one-year-forward Price/Earnings (P/E) multiple of the S&P 600 Small Cap index is near the lowest level ever recorded since it was first introduced in October 1994. It is now as low as it was at the height of the dot-com mania when everything outside of tech stocks underperformed.

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James Paulsen / Chief Investment Strategist

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