SPY's ~21x forward P/E makes 12.6% CAGR to $660 by May 2026 a tough breach. Base case 10% CAGR from $520 yields $630, not $660. Valuation compression incoming. 80% YES — invalid if QQQ outperforms SPY by >5% annualized.
SPY's ~21x forward P/E makes 12.6% CAGR to $660 by May 2026 a tough breach. Base case 10% CAGR from $520 yields $630, not $660. Valuation compression incoming. 80% YES — invalid if QQQ outperforms SPY by >5% annualized.