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Dave Collum, professor / financial commentator at Cornell University (Emeritus), points to approximately $500 billion in broader U.S. nonfinancial corporate debt for S&P 500 companies.
Collum suggests that this level of debt may be reflected in company earnings, with Wall Street focusing attention mainly on reported earnings figures.
Collum has previously said that demand for indexing has contributed to market overvaluation. In another note, he outlined that dividend yields reached around 4 to 5 percent and fees about 1 percent. He also commented on the difficulty in estimating taxes on returns.