Many Wall Street strategists who start their own independent research firms discontinue the practice of publishing year-end price targets.

Mike Wilson of Morgan Stanley is among a group of strategists who believe the S&P 500's forward P/E ratio of 21-22x is justified and may remain elevated or go higher.

Analysts began 2025 predicting $274 EPS for the S&P 500, and the current estimate is now $271.

RBC's Lori Calvasina advises viewing Wall Street strategist price targets as a "compass" for market direction rather than a "GPS" for a precise number.

Microsoft has underperformed the S&P 500 this year, which is considered atypical for a key company in a sector experiencing a speculative bubble.

Research notes from firms including Wells Fargo and Capital Economics have begun to discuss the possibility of a market bubble.

According to research by Ryan Detrick of Carson Group, the S&P 500 has only delivered an annual price return between 8% and 10% four times since 1950.

A FactSet study found that, excluding crisis years, the average margin of error for S&P 500 earnings estimates between the start and end of the year is about 1%.

Craigslist significantly disrupted the classified advertising business, which had been a major revenue driver for traditional media outlets.

The degradation of Google Search has likely helped independent writers by forcing audiences to discover content through alternative channels like newsletters, rather than hurting them.

The volume of referral traffic from Google Search to digital media websites has collapsed.

eBay's e-commerce platform captured sales and revenue that previously flowed to traditional media through their advertising models.

Modern platforms like Facebook Marketplace, Zillow for real estate, and Bring a Trailer for automobiles are capturing specialized revenue streams from traditional media.

A study by Bespoke Investment Group found that the average Wall Street strategist price target since 2000 has been for an 8.9% gain, with a margin of error of approximately 14 percentage points.

Digital news sites became highly dependent on referral traffic from platforms like Google Search and Facebook.

Advertisers are finding that the ROI from influencer marketing on TikTok is more competitive than advertising on many digital news websites.

From 2006 to 2010, Forbes was the number one news website by traffic due to its early establishment on the web in the late 1990s and early 2000s.

Business Insider's operational model, featuring a high-density open-plan office that included the CEO, was significantly more productive than the traditional, inefficient office structure at Forbes.