Methodology. Forward earnings per share is the time-weighted average of consensus analyst estimates for the current and next fiscal year (the same definition used in Yardeni Research’s MSCI forward-earnings charts). This series reconstructs it as S&P 500 ÷ forward P/E: the forward P/E comes from Yardeni Research’s monthly S&P 500 forward P/E record (Jan 1979 onward, itself anchored to LSEG/IBES consensus), and the S&P 500 level from the Shiller monthly price series. From mid-2026 the chart carries a daily consensus anchor (OCR of Yardeni’s live Datastream chart) plus daily S&P 500 closes, so the current reading updates after every trading day. Shaded bands mark NBER US recessions.