At a yield of 3.8%, the 3 month T bill has a P/E of 26.31, the 10 year note has a 21.1 P/E. The S&P 500 has a P/E of 29.5.
There's still value out there but attractive company prices are rare and it's getting harder and harder to justify owning funds. Even in my TSP I'm only in international and bonds. I have some value and small value funds but their P/E and yield are what you'd expect from a total market fund not value funds. I don't understand what people are thinking. My only thought is inflation, which is quite high, is showing up in earnings growth and driving enthusiasm.