A giant half truth.
The question is not if we are in a bear market, but that is the data type their argument and graph looks at.
The question is are we nearing, on a progressive leading to, a market peak - BEFORE a bear market.
And by all historical measures, by P/E ratios, we have entered into a “heading to a peak” period. Yes, it could build for some time longer, and reach even past the high tech and dot com bubbles’ peaks. But - who knows - it, the peak will be reached, the bubble burst, and values will drop to point where the average P/E returns to more hsitorically average P/E ratios.
Unless earnings increase to a point that puts P/E ratios back into balance.