The economy has been recovering from the Great Recession for three years now. And although it’s an anemic global recovery the U.S. has been leading the way. Meanwhile, in its three-year bull market from the 2009 low, the stock market has doubled in value. Justifiably, since S&P 500 earnings have increased 125% since the end of 2009, their fastest expansion in a quarter century. The result of that is, in spite of having doubled in value in the bull market, the S&P is selling at a lower P/E ratio than before the bull market began. [More...]