> Only high-growth, high-margin businesses can get 7x+ earnings Not really, the S&P 500's P/E multiple has historically been at around 15x and now is somewhere

> Only high-growth, high-margin businesses can get 7x+ earnings Not really, the S&P 500's P/E multiple has historically been at around 15x and now is somewhere around 30x [0]. And with that, we're talking about large, mature businesses that are not growing super fast -- more like 6-7% annualized, post-inflation [1]. [0] https://www.multpl.com/s-p-500-pe-ratio https://www.multpl.com/s-p-500-pe-ratio [1] https://www.investopedia.com/ask/answers/042415/what-average-annual-return-sp-500.asp https://www.investopedia.com/ask/answers/042415/what-average...