Head scratching current market valuations

Are we, the general population, as traders really looking at the market valuations and the basic metrics? Or are we just "following the herd" and blindly investing? My old school take is to look at PE price earnings to be near 15 times. It concerns me that broad market PE are North of 26 times and the CAPE is above 36 times. Looking up the dot com bubble peaked at all time high of 43+. This market is STUPID EXPENSIVE. I realize that you cannot let geopolitcal tensions (or ineptness) jade you. Nor do you let war or elections swade you. But logic says go the way of TIPS. Bonds and gold are supposed to be safe havens. Yet with the new fed chair will he really wade through the data, find inflation is really high AND do an interest rate hike? If so, then the inverse relation to interest prime and bond prices has bonds looking unattractive. Things that make you go, hmmm... [S&P PE Ratio](https://www.multpl.com/s-p-500-pe-ratio)