Notes: The chart above tracks price-to-sales ratio of the S&P Utilities Sector.
March 31, 2019
Update (3/31/19): The Utilities Sector trades at its highest valuation in at least three decades largely as function of ultra-low interest rates. Investors have clearly flocked here in a classic reach-for-yield episode. Rising risk-free interest rates could do significant damage to this group over time.
