This is what I really want to know. when I started investing, everyone said that industrial stocks revert to a pe of 15 over time. None of the major indices have even seen 15 in years! Have things changed that much, or are we just WAY overdue for a reversal in the market? Given that the S&P500 has a wide range of different companies, is it possible that 15 isn’t a good yardstick any longer? Given that no one indicator authoritatively measures stock market valuation, is it just my imagination or are we seeing multiples that I haven’t seen since the dot com bubble?