Cornell’s Dave Collum says the S&P 500 price-to-sales ratio remains above long-term norms, with historical levels often below 1.0 and near 0.83 outside the dot-

Cornell’s Dave Collum says the S&P 500 price-to-sales ratio remains above long-term norms, with historical levels often below 1.0 and near 0.83 outside the dot-com bubble. He says SpaceX, at more than 100, is an extreme outlier versus past equity benchmarks.