The S&P 500 PE ratio is currently 25.78 while the mean is 15.96. The Fed printed 1/3 of all dollars in circulation in the past 22 months. The velocity of money

The S&P 500 PE ratio is currently 25.78 while the mean is 15.96. The Fed printed 1/3 of all dollars in circulation in the past 22 months. The velocity of money in the U.S. is at a historical low. How are these facts irrelevant to Grantham's argument? See https://www.multpl.com/s-p-500-pe-ratio https://www.multpl.com/s-p-500-pe-ratio See also https://fred.stlouisfed.org/series/BOGMBASE https://fred.stlouisfed.org/series/BOGMBASE See also https://fred.stlouisfed.org/series/M2V https://fred.stlouisfed.org/series/M2V