Is the Market Really Overpriced?

A recent Barron’s article shares an interview with Evercore Wealth Management’s chief investment officer John Apruzzese, who believes that the market is reasonably valued. He bases his view on the market’s real earnings yield—trailing 12-month inflation-adjusted earnings divided by price—instead of the more widely used price-earnings ratio. According to Ed Yardeni of Yardeni Associates, Apruzzese’s use of real earnings yield makes sense and “has a good track record.” Barron’s talked to Apruzzese about the implications… Read More