The Brains Trust - 2016, page-4497

I've said this 100 times and soon it may finally go main stream but quoting the PE relative to past periods is pointless unless one takes into account the interest rate at the time to work out yields

Under a low interest rate environment PEs can be stretched and still look reasonable

It's like quoting stock XYZ and saying it's cheap on price without looking at the shares on issue to get the market cap