y and plateau around 2% and 3.0-3.5% (10yr TIPS yield <1.5%) in late 2017, then an 18x trailing PE looks fair on normalized S&P EPS — about 15x for Financials & Energy and 20x aggregate profits of other sectors. This assumes a fair real return on long-term S&P investment of 5.5%. A fair PE is 1/real CoE when futur