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8.0
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Fritz used 20x, 22x, and 24x multiple PE ratios to estimate previous S&P500 valuations that were quite rosy It was replaced with 16x, 17x, 18x, 19x, and 20x multiples in today's session. I don't believe he explained the reason for the change except for the market going down and we are more pessimistic. I wish he would explain more.

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