@peter My personal take is that the stock market is wildly inflated because of the COVID bail outs. The math is so simple: all that extra money very quickly is captured by the top of the capital pyramid, but then… what do you do with it? You can only build so many rockets and buy so many yachts, so what do you do? Buy stocks. So 100s of billions of new dollars are dumping into the market, driving up prices. It’s all been a bubble since COVID.