It’s relevant to point out a regular nontech slowgrowing company like CocaCola has a PE of 20+, therefore the claim that a normal one is 5 is mistaken.
20-year average P/E for US stock market as a whole is ~20 (current s&p500 forward estimate is 24). Historically they were a bit lower (eyeballing it at 15), and in the aftermath of the Great Depression they it was aroun 10.
You want to claim the US stock market for the past 100 years is insane, go ahead, but that's a different argument than saying Google or NVIDIA, only slightly above the average for S&P500, are overpriced compared to the rest of the market.
And if the entire market is overpriced, where you going to invest instead? Crypto? Gold? Both shot up much more. Real estate? Bonds? Europe? China? Better have a good thesis on that.
