Bob Doll to Investors: Wake Up!

Published on August 4, 2025

Current conditions warrant "considerably greater caution than investors are demonstrating," the Crossmark CEO writes.

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Crestmont P/E and Market Valuation: July 2025

August 4, 2025
Based on the July S&P 500 average of daily closes, the Crestmont P/E of 41.6 is 173% above its arithmetic mean, 199% above its geometric mean, and is in the 100th percentile of this 14-plus-decade series.

Market Valuation: Is the Market Still Overvalued?

August 4, 2025
Here is a summary of the four market valuation indicators we update on a monthly basis.The Crestmont Research P/E ratioThe cyclical P/E ratio using the trailing 10-year earnings as the divisorThe Q ratio, which is the total price of the market divided by its replacement costThe relationship of the S&P composite price to a regression trendline