$SPX is at ~19.3x CY2021 estimates (it’s in style to ignore this year’s estimates)

+1 standard deviation to the 25 yr avg fwd P/E is ~19.5x. At +1 STD, valuation is lower ~84% of the time 

Folks should be aware of the probabilities of valuation contraction from current levels https://t.co/TiqkTw6o3Y