It may not have traded at a 70PE, but thats no argument for why it shouldn't (or should).
Arguments that a stock or index are at an all time high/higher PE is no justification that it shouldn't be trading at that level.
Sometimes the market needs to play catch up.
CSL has grown earnings by 30% since 2021. Yet, the share price is still at (or below) 2021 levels.
It would be a different story if the companies weren't growing.
You can still look for value and be cautiously invested.
If you think TNE is overvalued, sell your position and find the next best opportunity. Simple as that really. My guess, TNE will be higher in 2/3/5/10 years, than where it is today.
(20min delay)