While this might sound like a valid argument on paper, looking back at the S&P 500's Shiller price-to-earnings (P/E) Ratio over the last 35 years tells a more comprehensive story. Note: the Shiller P/E is also known as the cyclically adjusted P/E Ratio (CAPE Ratio).In other words, Subramanian points to the rapid growth associated with the rise of AI and resilient earnings for Wall Street's most-influential businesses, as a whole, as her reasoning for ignoring more than a century of historical valuation data ...