On May 6th the forward PE of the S&P 500 fell to ~17.5x, now slightly lower than it was before covid came to town. It bottomed at ~13x in March 2020, but given how much uncertainty was floating around back then, I find it hard to believe it gets there again.

But, you never know. It reached similar levels in the back half of 2018 after the China fiasco. There is always uncertainty in the market, but it would do investors good to remind themselves that when the S&P traded at 23x forward earnings, it had no place to be trading there.

Drawdowns hurt, but this is a natural, and healthy, correction.