"If 16 is the average, then the market is fairly priced." I'd rephrase that as something like: If 16 is the average, then the current market isn't historicall

"If 16 is the average, then the market is fairly priced." I'd rephrase that as something like: If 16 is the average, then the current market isn't historically overpriced. It could still be overpriced or underpriced. The historical average is just that. Current fundamentals aren't necessarily "average".