The SP500 is only 18% above its pre-pandemic high.

I know there is a lot of bear sentiment, however things might not be as overvalued as it seems. It has been 2 years since the pandemic crash, and the SP500 is only 18% above where it was before then. That means it had a 9% annualized return since the pandemic, which is only slightly above the 7% average. Things may not be as overvalued as they seem.