Why should equity investors be optimistic about the next decade?

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Trailing Price/Earnings (P/E) Ratio is the weighted average of the price/earnings ratios of the stocks in a portfolio. The P/E ratio of a stock is calculated by dividing the current price of the stock by its trailing 12 months’ earnings per share. Portfolio totals are computed using an inverse harmonic methodology.

Owner earnings yield is Davis Selected Advisers’ estimate of the amount of cash which a purchaser of an entire company could withdraw from a company while still investing to maintain current operations. It is not the same as the return which a minority investor purchasing shares in the same company would realize. Estimated owner earnings yield represents a single data point about a company. No such data point can, by itself, guide an investor as to what securities should be bought or sold or when to buy and sell them. We caution our shareholders not to give this calculation undue weight.

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