### Comment:
No. PE ratio should follow interest rates. The current S&amp;P PE is 21 and implied earnings yield of 4.7% vs 2.4% treasury yield. The median historical S&amp;P PE is 15 and implied earnings yield of 6.6% vs historical 4.56% treasuries average.

### REPLY:
At the end of the day, where would you rather put your money? You don’t have to outrun the bear, just the other guy.

### END.