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  "notes": "Includes Z-score analysis for relative valuation against 10-year and 30-year historical averages.",
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      "text": "S&P 500 Cost of Equity = ERP + 10-yr UST",
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      "text": "We estimate the equity risk premium (ERP) using our DDM framework to model expected future cash flows. We solve for the cost of equity that implies the market is at 'fair value' and then deduct the 10-year US treasury.",
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      "text": "Source: FactSet, I/B/E/S, FirstCall, and Goldman Sachs Global Investment Research.",
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