Well, I agree, basically. And I was also the same opinion in 1999. I was there, but not bleeding money in the burst of the bubble.

Today, a few things are different. 0% interest rate on savings. Bonds pretty much the same. And the money press is running. Covid 19 provides a great excuse to press more money.

Where will it go? To the ones who know how to make money and keep it. And what alternatives do they have? Stock and real estate. My personal opinion is that excess money goes first to the stock market and is later shifted into real estate.

As long as this situation remains - it is challenging to use old metrics to evaluate the current situation.