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Multiples are like a blind squirrel that sometimes finds a nut. GOLDMAN "From a valuation perspective, both S&P 500 and median stock trade at high valuations relative to history. Multiple approaches suggest stocks trade between the 80th and 98th percentile vs. the last 40 years."
Multiples are a way for people who do not want to do the work required to do a DCF on a business, to pretend that they can value the asset or time markets. The P/E ratio has been said to be high since 2011. But again it's easier to use a ratio! repository.upenn.edu/cgi/viewconten… 
Michael Mauboussin: "The survey of nearly 2,000 investors found 93 percent of them use multiples, with 88 percent applying P/E and 77 percent EV/EBITDA." bluemountaincapital.com/wp-content/upl…
Why and how do Munger and Buffett “discount the future cash flows” at the 30-year U.S. Treasury Rate? google.com/amp/s/25iq.com…
