o 9 c, - - .1, CC — 6. .5 6 ma t, .aJj -, CU 3 al Ca 0 IV al 3 la 2, a, a, u-<2m<z2O-- u_ LA 2O <Zia g Source:Corporate reports. Empirical Research Penner& As of Jily 2012. ... while forward P/E ratios are close to a 12-year low 26 24 22 20 18 16 14 12 Forward PIE ratio of the S&P 500 10 0 0