Current S&P 500 10-year P/E is ~37.1, which is 80.9% above the modern-era average of 20.5.
• The broader U.S. market P/E is ~27.6, also above historical norms.
• To sustain these levels, the market must grow at an accelerating rate indefinitely—a mathematical and economic impossibility.
적정 P/E 10로 수렴 + 공포 모멘텀 ===> 90% 폭락