[gridlockd]

It's a bubble if investors are irrationally speculating on the future value of the assets, relative to the dollar.

It's price inflation if investors are rationally speculating on the future value of the dollar, relative to the assets.

It is hard to conceive that the dollar is not going to depreciate as a result of monetary policy, or that the monetary policy is going to change. I consider the latter scenario to be more plausible.

> "Fairly priced" is strange because every transaction is "fairly priced" in the moment

To be clear, I'm saying that the price represents fair value.