[hogFeast]

For reference, the total value of US household financial wealth is ~$100tn.

You can explain the rise in the value of a small group of tech companies in terms of the large increase in cash balances (as a result of money printing, fiscal stimulus, lower household expenditure) but, even then, the value of the stock market as a percentage of US wealth has only been as high at three other times: 1968 and 1999 (both times where the market folded into itself, and there were "must-own" stocks that blew up horribly).

Mathematically, it is not possible for this to keep going. MSFT does not produce anywhere near enough cashflow to "pay for" the increase. Eventually, people run out of other assets to sell to buy stocks.

The % of household wealth that can go towards stocks is trending higher. ETFs make investing easier than ever. But the ratio will still, logically, have to fall before it rises again.

It is incredible that it is going to happen again. Two huge bubbles within twenty years of each other. Incredible.