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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.
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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.