thank u for the excelent research. just a small caveat:

truly because of what you discusssed, a lot of professional investors today compare spy500 valuation with past 5 or 10 years average.  Therefore, all the changes mentioned in your notes have been taken into account. Even just looking at the pass 5/10 years, spy 500 are still very expensive. But i agree that it is not that expensive. that is why I do not think a doomsday type of correction is ahead of us.  However, a 10-20% of correction is possible down the road.