Analysts aggregate EPS forecasts for S&P 500 index are $183 .53 and $206.14 per share for the year ended Dec. 30, 2021 and Dec. 30 2022, respectively. The book value per share of S&P 500 index at the end of year 2020 is $927.5. The market price after announcement of the annual report around January 31, 2021 is about $3,972 per share. Risk free rate is about 1 .56%, and market risk premium of S&P 500 is about 4.5%. Provide a building block analysis of S&P 500 index's current price, and explain the investors' expectations. Do you think that S&P 500 index is mispriced? If so, explain your reasons.