Focus on return on invested capital, not P/E.
Income/Invested capital = how hard your assets/capital are working for you; how efficiently the business is using their capital.
A sell signal is flashing on Buffett’s favorite indicator.
MarketWatch: Warren Buffett said this metric signaled the 2001 crash — now it’s sounding the alarm on global markets.
https://www.marketwatch.com/story/warren-buffett-said-this-metric-signaled-the-2001-crash-now-its-sounding-the-alarm-on-stocks-around-the-world-2020-08-12
Business Adventures: Twelve Classic Tales from the World of Wall Street by John Brooks https://amzn.to/2Xr8wtR