[JackFr]

I don't think you're completely correct about EPS in the broader market, (but correct in the headline names). The rest I agree with completely. What's surprising to me is that there wasn't some sort of retrenchment after the 2007-8 crisis.

I agree with your analysis about the agency problem, but I also see the it as too much money chasing too few assets. Ever desperate for return, money managers will chase anything that has a return, whether it's rational or not.

[csomar]

We are still too early in the bubble cycle. The returns are higher every year but they are linear. Wait until the public comes (free money?) and discover this; and then you get a parabolic market run and a subsequent crash.