NASDAQ composite P/E was ~10 in the beginning of 1995. Between March 2000 and part of 2002, it was 150+. It took much time and pain until 2005 to stabilize at a

NASDAQ composite P/E was ~10 in the beginning of 1995. Between March 2000 and part of 2002, it was 150+. It took much time and pain until 2005 to stabilize at a new equilibrium of around 30 where it's bounced around between 15 - 50 where large, sudden increases tend to portend a market contraction of unknowable depth. I also wonder about the impact of the growing fraction of the economy no longer subject to gamified speculation held by private equity which is now around $3.5T AUM, but comes with other downsides because they do not seem to care about the longevity or goodwill of businesses they own and seek unsustainable maximum resource extraction rather than predictable steadiness.