Operating Earnings The Past The Future

(Source: Standard & Poor's) 2008A % Chg 08 P*/E 2009E % Chg 09 P*/E
S&P 500 49.51 -40.0% 18.24 55.61 12.3% 16.09
S&P 500 Consumer Disc. 5.27 -60.4% 32.12 7.51 42.4% 23.40
S&P 500 Consumer Staples 17.18 10.0% 14.36 17.39 1.2% 13.51
S&P 500 Energy 50.92 10.0% 7.59 17.14 -66.3% 21.43
S&P 500 Financials (21.24) NM NM 7.19 NM 21.55
S&P 500 Health Care 24.48 5.0% 12.64 26.54 8.4% 11.20
S&P 500 Industrials 21.18 -0.5% 9.78 14.24 -32.7% 13.10
S&P 500 Information Technology 16.13 -7.1% 14.37 14.81 -8.2% 18.81
S&P 500 Materials 8.10 -49.3% 17.00 4.71 -41.8% 32.11
S&P 500 Telecom Services 8.22 -0.6% 13.59 8.40 2.3% 12.29
S&P 500 Utilities 12.25 5.0% 12.08 11.94 -2.5% 11.58

Highlights/Notes
Mkt Cap (as of 6/27) Weighting Secular Trends Port. Weighting
S&P 500 8,037,600
S&P 500 Consumer Disc. 716,976 8.92%
S&P 500 Consumer Staples 964,918 12.01% 9.80% **a We are very Underweight consumer
S&P 500 Energy 994,356 12.37% 9% Underweight - Target for +
S&P 500 Financials 1,091,355 13.58% 10.40% Modestly Underweight financials
S&P 500 Health Care 1,127,430 14.03% 11% Underweight HC - TARGET for ++
S&P 500 Industrials 796,214 9.91% 7.40%
S&P 500 Information Technology 1,474,749 18.35% 21%
S&P 500 Materials 261,179 3.25% 9.70% Pointedly Overweight on Materials
S&P 500 Telecom Services 282,776 3.52% 4%
S&P 500 Utilities 327,448 4.07% 3.50%

**a - Epiphany Investing uses a combined reference for Consumer stocks