[throwaway20875]

>All this speculation and capital going a little crazy searching for yield are side effects of an overabundance of capital.

The stock market is where savers have been forced to. Pensions included. ZIRP/negative real rates have consequences. There "isn't too much capital". It's being misallocated due to misguided policy. It will get worse.

You need to start thinking in second and third order effects.