S&P 500 Price/Sales Ratio At All-Time High

We present below a chart illustrating yet another metric demonstrating that the valuation of the S&P 500 is ta all-time highs despite the presence of a global recession and pandemic that has yet to be contained.

The price/sales ratio is a useful measure of valuation because earnings (the ultimate determinate of business value) is a direct result of sales. Even the highest margin businesses…