>The main reason it was a blip, is because earnings have returned almost to pre-COVID levels for large public companies. Those earning are structurally very di

>The main reason it was a blip, is because earnings have returned almost to pre-COVID levels for large public companies. Those earning are structurally very different from an accounting perspective than normal earnings (one example being ppp loans). I'm not saying your wrong that these earnings are justifying PE based valuations but I don't think anyone is arguing that propping up earnings won't work in the short term. I think a lot of people are arguing that propping up earnings will backfire in the longer term.