After record quarter for buybacks, ERP for S&P 500 is 5.38% 10/1/18. Stocks up 8.98% since 1/1/18, but earnings are up 9.13% and cash flows are up 17.01%. If the S&P 500 is expensive today, it is less so, relative to earnings & cash flows, than on 1/1/18. https://t.co/wy8WGu8ona