The hot debate in the stock market going into 2026 ⚖️

The valuation bulls get some company 🐂

Last month, we observed that some top market forecasters were making a bold 2026 prediction: Valuations will remain well above average.

Specifically, the bulls argue that the forward price-earnings (P/E) multiple on the S&P 500 could remain near the 21x to 23x range, which would help fuel stock prices higher. (As of Dec. 12, the forward P/E was 22.5x.)

Since that newsletter, a couple more strategists have joined the party.