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Stingy Investor Tip Sheet

A Median Market

I like to track median market stats to gauge the availability of bargains. I take an index, say the S&P/TSX 60, and determine its median P/E. That's the point at which half the stocks in the index have higher P/Es and half have lower P/Es. The same approach is used for P/B and dividend yield.

After the recent sell off, stocks are cheaper than they've been for a long time. So, take heart, long-term returns from this point are likely to be quite generous.

S&P/TSX Composite8.071.222.64%
S&P/TSX 6010.871.502.89%
Dow 3010.302.053.85%
S&P 50010.851.552.50%
Source:, 11/19/2008

11/19/2008   11:59 PM EST   Permlink   save & shareMarkets

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