Part 3/12:
What is remarkable, Lee emphasizes, is that despite each of these six black swan events theoretically capable of causing recession or crashes, the stock market and the broader economy not only survived but adapted. The S&P 500, with its current PE ratio of around 17, now appears cheaper than before these crises, which averaged an 18 PE prior to the events. This suggests that the market has become more resilient, or perhaps more accurately, more undervalued relative to its historical peaks.