To Day's Asset Valuation of the S and P 500

Much of the worry about whether we're in bubble relates to valuations for the s n p 500. The current ratio of price to projected 20 21 earnings is roughly 22. This seems expensive compared to the historic average in the range of 15 to 16. But nee jerk judgments based on the relationship between current valuations and historic averages are too simplistic to be dispositive.