PremiumOpinionOpinion byMark ListerRotorua Daily Post·23 Aug, 2026 04:00 PM4 mins to readMark Lister is investment director at Craigs Investment Partners‌The S&P 500 has rallied 20 per cent in the past year but it’s cheaper than it was 12 months ago, because earnings have grown even more than that, writes Mark Lister. Photo / NZME There’s lots of nervousness about sharemarket valuations at the moment.That’s understandable, especially regarding the United States market, which has more than tripled in value since the end of 2018.

Including dividends, the S&P 500 index has returned 14.5% so far this year, well ahead of the long-term average of