PRESENTING: The most important charts in the world from the brightest minds on Wall Street (SPX, SPY, DJI, IXIC, GSPC, IWIM, TLT, TLO, USD, DXY, JPY)

Here they are: the most important charts in the world. 

Once again, we’ve asked some of the sharpest strategists, economists, and reporters for one chart that’s at the top of their minds right now.

We asked for a chart that reflects something that concerns them in markets and the economy right now. Or, for something that shows a trend they think everyone should be paying more attention to. Any commentary below the charts comes from them.

All the charts were submitted by Monday September 19, so some of the data may have evolved since then.

Here they are: 

Gary Shilling

To close the gap, the S&P 500 P/E would be 63 compared to the current 25 on trailing 12-months earnings. So by this logic, stocks are 60% undervalued. Wow!

But be careful. The 25 P/E is well above historical averages, and stocks need to fall 36% to return to Shiller's long-run cyclically-adjusted P/E of 16.7.  Also, Brexit will depress already-slowing global growth.  With worldwide excess capacity and wage-depressing labor surpluses, deflation is unfolding. Corporate profits are shaky and central banks are impotent in promoting economic growth.

Jack Bogle

Rich Bernstein