Gary North

Nov. 17, 2009

Some high-level decision-maker at Standard & Poor's has decided that the public should no longer be allowed easy access to this crucial number: the Price/Earnings ratio of the S&P 500.

That number went above 140 on September 30, 2009 -- the highest ever recorded. It had continued upward all year.

I went to the old page late last week. The page has been totally redesigned. The P/E ratio was missing.

I wrote to the webmaster and asked where the figure is reported. On November 16, I received this reply.

Thank you for your inquiry. Last week our website was upgraded and so some information has moved, or has be removed. For information regarding the S&P 500 please see the below link to the website:

http://www.standardandpoors.com/indices/sp-500/en/us/?indexId=spusa-500-usduf--p-us-l--

On the left hand side of this page you will be able to see information regarding Index Data and Index Information (Including Earnings data). To see the Index data you will need to register your details. If you click on one of the spreadsheet icons, this will link you to a login page, please click the link "Register Here" and enter your details accordingly. You will then be sent an email with your password for the site. If you then go back to the original link, enter your login name and password, you will be able to open the documents.

If you require further assistance regarding this issue, please refer to your inquiry number in this email.

Thank you for contacting S&P INDICES Client Services.

We value your opinion, please feel free to provide us with Feedback on our service:

http://event.standardandpoors.com/content/US_IN_Email_Client_Service_Feedback

This is a polite way of saying, "This site is not for the sake of the general public. It is for the sake of the retail brokerage industry. So, please go away."

My guess is that the company came under pressure from the brokerage industry to stop publishing what has to be a frightening statistic for brokers, a statistic that says "Sell!"

Because the company has solicited feedback, I suggest that you provide it. Ask that the P/E ratio be restored. Here is what the page looked like two weeks ago: