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How to understand the trend of fund performance
For example, here is the 10 P/E ratio of the CSI 500 Index:

Judging from the PE quantile, it is underestimated. Judging from the absolute value of PE of 27. 1, it is overestimated. Why overestimate it? Standard & Poor's 500 Index, Hang Seng Index and Shanghai-Shenzhen 300 Index are typical broad-based indexes, and PE fluctuates between 10~20 for a long time, and between 5~30 in extreme cases.