Everything you think you know is wrong. http://www.businessinsider.com/morgan-stanleys-adam-parker-market-outlook-2015-9
It's an interesting argument, but the offshoot is that a handful of companies have essentially cannibalized the entire economy. For instance, AMZN can generate a ton of profit at the expense of tens of thousands of jobs that used to exist in the "main street" economy...they can undercut the competition, bankrupt all of the bricks and mortars competitors (which they've largely done over the past 15-20 years), and so what are we left with? In other words, this analyst might have a point, but it's myopic. Then again, I see a perfect analogy with the Knight's and Citadel's of the world that have aggregated all of the trading volume and destroyed the competition and/or trader's that are being tossed around with HFT's and Algo's changing the financial landscape.
Honestly, it's been a long time since serious investors became aware of these facts. P/E is basically useless, but even if you don't agree that it's useless, you should agree that it should not be used alone when making an investment decision. P/E is not a reliable filter or indicator.