$NVIDIA(NVDA.US)$Alphabet(GOOGL.US)The forward P/E ratio of the S&P 500 has now slightly exceeded 20 times.

Historically, the average is around 17 to 19 times.

This means that, looking ahead from the current level, future expected returns are unlikely to surge as steeply as they have in the past two weeks.

After all, it rose nearly 17% in the past two weeks, which is quite unusual because it was a V-shaped recovery from extreme panic.

Moving forward, the pace should slow down a bit.

It might consolidate, fluctuate, or even experience a small pullback before moving to the next stage.

Therefore, we should appropriately lower return expectations now, but there's no need to panic sell.

Keep positions and allocations tighter, and patiently wait for the next truly attractive opportunity.

Patient investors will always win in the end.

Impatient investors often give back their gains.