It's very hard to square the activity in the real economy vs the valuations in the stock market. As a stark example, look at the revenues of AAPL for 2019 vs 2024, then compare the market caps for EOY 2019 vs 2024. It's astounding. What's causing this? ZIRP, which is now gone, but lower rates ahead it seems, and the trillions in money printing. Little of the helicopter money ended up in consumers hands as evidenced by AAPL's revenue growth. Almost all of it ended up in the hands of the investor class.