[djajshgsjja]

The PE ratio of the entire stock market has increased by a lot during that period: http://www.multpl.com/table

You could say that everyone has higher growth expectations, or perhaps capital is just cheaper?

[fauigerzigerk]

Capital has not become cheaper. On the contrary, interest rates are on the way up.

But I don't think it's growth expectations that are driving stock prices either. It feels more like investors shudder at the thought of owning any of the alternatives to US blue chips.