Don't use P/E as an estimate of a bubble... profits often mean revert. Use something closer to market value to GDP (with some adjustments). That is a much bett

Don't use P/E as an estimate of a bubble... profits often mean revert. Use something closer to market value to GDP (with some adjustments). That is a much better estimate. John Hussman has imo the best of such metrics. Here's his thoughts from August: https://www.hussmanfunds.com/comment/mc250814/ https://www.hussmanfunds.com/comment/mc250814/ And this image says a lot: https://www.hussmanfunds.com/wp-content/uploads/comment/mc250814a.png https://www.hussmanfunds.com/wp-content/uploads/comment/mc25... Yes. A lot now depends on when "growth" stops. But GDP is very hard to grow at an sustained high rate justifying higher valuations. Even through industrial revolutions, assembly lines, transistors, and the internet.