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Exhibit 48: S&P 500 Price-to-Trend Earnings vs
document IMAGES-003-HOUSE_OVERSIGHT_014584.txt Dec 31, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

…ly on expensive valuations has been a losing approach over time. As we noted in our 2014 Outlook, research conducted by three professors at the London Business School concluded that Investors have ridden this bull market for eight years, and while we don’t expect the ride to en...