[Enginerrrd]

My guess is that the answer to that is cheap debt from the fed keeping interest rates so low for so long. The stocks had value beyond what you'd expect from P/E ratiosand assets alone because there was added future value in the form of anticipated stock buy backs.

[JackFr]

If debt is that cheap it would be irresponsible to finance the firm with equity.

[Enginerrrd]

That really depends on your timelines and risk tolerance assessment including externalities.

To use poker as an analogy: if you aren't sufficiently bankrolled, the correct play (most positive EV) can involve an unacceptably high risk of ruin. ....and BTW are you also factoring in the probability of fraud or a government seizure in your calculations?

[adwn]

> If debt is that cheap it would be irresponsible to finance the firm with equity.

Why?