Market climbs as implied ERP for S&P 500 hits 4.23%, lowest since 2008. S&P 500 pricey based on 19/20 metrics.
The paper is verbose (155 pages) and not riveting reading, but it does include everything I know about equity risk premiums and their estimation. My first update was written in 2009, during the financial crisis, and I have updated it annually since. https://t.co/wZcZy5Az5C pic.twitter.com/dFUA7sbVNr — Aswath Damodaran (@AswathDamodaran) March 30, 2024 The standard approach to …