@lhamtil $SPX TTM EPS on Jun07 (highest EPS just before the GFC) was $85. $SPX bottomed on 09Mar09 at $676.53, marking a P/E of ~8, using Jun07 TTM EPS. $SPX went-up 30% by 04May09, marking a P/E of ~10, using Jun07 TTM EPS. Today we're looking on P/E of 20 using 2019 EPS.