Sorry but this veteran of many bubbles does not see it your way.

"For veterans of previous financial bubbles, there is an unmistakable sense of déjà vu."

I actually missed the bubble pop of 2020. The market had recovered before I could react. The long expansion (with the shallowest slope) ended and the new started almost where the old one left off. It was more like déjà mirage.

Anyway. I started following you, I have read a few of your stories and they are good.

You might write some more about how we measure performance in the current environment.

I think that companies that focus on growing their stock price by reinvesting what would be profit distorts PE ratios.

You also talk about real valuations, adjusted for inflation but if the inflation indices are flawed then the prices are flawed. Regarding using any inflation index that includes rent or housing costs to set the real value of real estate is in my mind flawed.

TEK