Fun with numbers: Ed Yardeni expects FY21 EPS of $150 (8% below FY20). 
- At 15x (long term median PE), $SPX ‘fair value’ 2250. 
- 14x = 2100.
- 13x = 1950. 
Market doesn’t follow 1-yr forward PEs very closely (R2 &lt; 10%) but a return to those levels would make some sense