No doubt the market will be higher a few years from now but 2019...

No doubt the market will be higher a few years from now but 2019 was a big year and many people were getting nervous at the start of this year as many things were already way overvalued so now we've had this pullback and massive stimulus the market will go higher just on the inflation factor ( still prob test the lows first) but at what point is it overvalued again? What good is it if after only 2 years from the old high were at a new extreme high, even with all the stimulus is the new norm p/e's of 40+. If the overall economy is less productive after this is it ok to have such high valuations? Those are my counter thoughts as to why maby we won't go up too quickly.