Really depends on if you think inflation can’t be tamed / interest rates will stay “elevated” (yes I know not historically elevated).
Market is still assuming somewhat that rates will drop in a year or two. If that moves to sooner, PEs will move up, if it is delayed, PEs will compress further like you say.
No one can predict the future. But we can learn from the past. The stock market went nowhere from 1967-1981. There were periods of high inflation. Huge economic disruptions due to the boomers increasing demand, the Vietnam war, epidemics, shortages, political chaos, riots… Sound familiar? As stocks languished RE prices skyrocketed… I am betting on RE. The stock market will suffer until Powell starts to lower interest rates
Pretty straightforward.
Other than crypto, 5-year return of the other portfolio is less than +200% gain for passively holding on to AAPL. It means active stock management is over-rated 
Most likely, after 20 years, all his portfolio would underperform S&P.
That includes an AAPL-only portfolio right?
.
AAPL + S&P 
Hard to say, may be after 10 years become S&P only. Be flexible.
Bragging 15.5% CAGR for stock portfolio?
S&P 22%
AAPL 44%
I/O fund + those mentioned whales can’t beat S&P 
CAGR of NW (not just stock portfolio) over 3 years = 20%.
YTD increase of NW = 27%
What did I do? Watch TV, blog and sitting around.
…
So far is a good year. Five months into 2023… recover losses in 2022.
NW hits a new ATH
S&P index fund: +11.5%
AAPL: +39.3%
NW: +31% √
Dec 29, 2023
Gain/ loss for 2023
S&P index fund +24.6%
AAPL +48.2%
NW +39.9%
Growth Stock Portfolio
Ytd 198% 
2yr return -28.1% 
CAGR since 2017, 23.1%
…
May 15, 2024
YTD for 2024
S&P index fund +11.3%
AAPL -1.5%
NW 0% 
Dec 31, 2024
Gain/ loss for 2024
S&P index fund +23.3% (CAGR since Dec 31, 1997, 6.9%, no DRIP)
AAPL +30.1% (CAGR since Dec 31, 1997, 32.9%, no DRIP)
NW +27.2%
Growth Stock Portfolio
Ytd 88%
CAGR since 2017, 28.1%
