According to @QCompounding, citing Terry Smith, buying the S&P 500 at a PE of 5.3 in 1917 and selling at a PE of 34 in 1999 would have produced an 11.6% annualized return, with only 2.3% per year attributable to multiple expansion and the remainder driven by earnings and reinvestment (source: @QCompounding on X). For trading, the same source-backed attribution favors prioritizing durable earnings growth and reinvestment compounding over chasing valuation rerates; by extension, crypto participants can apply this framework by emphasizing fundamental adoption and cash flow analogs rather than relying on rerating alone (application based on @QCompounding citing Terry Smith).