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Stock Market Returns Decomposed – Business Insider

The S&P 500 is already up 26% since the beginning of 2013, and almost all of those returns have been driven by an expansion in the multiple investors use to value the market as opposed to actual growth in companies’ earnings.”Year to date, 75% of the S&P return has come from its [price-to-earnings ratio] expanding to 16.5x from 13.7x trailing¬†[…]