>historically high price relative to the estimated earnings potential It's high compared to expected earnings over the next year. Which is to be expected, beca

>historically high price relative to the estimated earnings potential It's high compared to expected earnings over the next year. Which is to be expected, because the ratio of expected lifetime earnings over expected 12 month earnings is also at a high, owing to a pandemic significantly impairing earnings for a year or so but not forever. Looking at 12 month numbers is usually fine as a proxy, but terrible now.