Jeremy Siegel Ph.D, is not your typical egghead. He has been extraordinarily prescient at calling major turning points in the market.
Now he says, the S&P 500 is cheap by historical standards. Jeremy Siegel believes there is a flaw in the way S&P calculates earnings, which causes the PE ratios to look expensive because of a few bad eggs in the basket…. Article is here

Here is Jeremy Siegel’s bottom line:
“The true valuation of the market is no where near as dismal as the aggregate earnings reported by Standard & Poor’s suggest. When portfolios of stocks are weighted by market values, the market is cheap by historical standards. No one can say for sure whether March 9 will mark the bottom of this dismal bear market (I personally think it will), but I am sure that investors who hold a diversified portfolio of stocks today will be rewarded by above-average returns.”