- May 7, 2018
- Blog , The Portfolio Strategist - Terry Gardner
C. J. Lawrence Weekly – Falling Down on the Multiple Staircase
In the 1980s, C.J. Lawrence Chairman, Jim Moltz, observed the long-term cyclical trends in P/E multiples and coined the progression, the “Multiple Staircase” (see chart below). The Multiple Staircase showed that the S&P 500 P/E multiple trended in stair-step fashion, in one direction for abou...