The essential bubble ingredient: high EPS expectations
NASDAQ CAPE & LONG RUN SPX IT SECTOR FORECAST EPS
100
35
90
32
80
29
70
26
S&P500 IT SECTOR FORECAST LONG RUN EPS GROWTH (RHS)
60
23
50
20
40
17
30
14
20
11
NASDAQ CAPE
10
8
0
5
1985 1989 1993 1997 2001 2005 2009 2013 2017 2021 2025
1
Source: BLS, IBES/DataStream, Bloomberg, NBER
58
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