Without Big Tech, S&P P/E Is Normal

“Removing [Amazon, Facebook, Google, and Microsoft] from the [S&P] and adjusting for the excess cash that companies hold …  reduces the current PE ratio to 16.9. This is much closer to the range typical in ‘normal’ economic times.”

 https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/looking-behind-the-numbers-for-us-stock-indexes