Another thing to consider, beyond the government's involvement*, is that a PE of 15 was historical. Imagine a world where triple the money was printed, but there's not triple the amount of value-generating businesses to invest in. You would expect PEs to 30+ because there's more paper cash chasing fewer business ownership stakes (stocks). Also in a world with PE of 30 compared to PE of 15, you would expect investment returns to be half going forward since you're paying twice as much for the same businesses / profit / future cash flow.
*BTW, when has this ever turned out well?
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