1% 42 15 1» 1I1 510 44 4 155, 1121% '0160 574 1W4 1 911 1922 310$13.4•04 »V 21 171 "31 '13% 1221 111$ 1504 1)1L 21% 21»0 177 Sower Oe" Sat APES [Figure 41: S&P Trailing PE vs implied equity risk premium 35 Overstated EPS from LOng•totel growth inflation distomens optimism 30