Valuation Math 101: Our 2019 consensus $SPY EPS est = $163.60 Our 2020 EPS est = $179.74. This implies 9.4% growth & puts the market PE ratio, based on 2020E, at 18.3x. If a “normal” multiple of 16x was applied, current stock prices are discounting 2020 earnings to be $204.63. This implies EPS to grow +25% this year! That is NOT going to happen!