Note that by "corporate profits" I mean Corporate Profits After Tax with Inventory Valuation Adjustment and Capital Consumption Adjustment as reported by the St. Louis Fed. There is a similar view below (linear vertical scale, value of 1990 = 100 per cent):
Follow the P/MZM ratio rather than P/E or CAPE. It's much more reliable.
By the way—the persistent monetary inflation is the reason why the rich get richer while the poor don't. Wealthy people tend to invest more in stocks than the poor, who often do not invest at all.