[Nevermark]

There is a difference between allocating capital for long term economic growth, vs. allocating capital to get a return on financial engineering.

Experts at making money are happy and very good at both, and will do whichever gets them the best return - and they don't have to care about the long term with any liquid asset.

But financial engineering isn't a compounding improvement, like improved manufacturing, or more efficient distribution, or faster and more reliable data systems, or developing a team of very creative problem solvers in some difficult area, ...

So allocating capital to financial engineering is legitimately attractive for an individual investor, but is a chimera as far as the overall economy goes - since the value of financial engineering doesn't compound and often doesn't last. PE's are unlikely to keep going up due to financial engineering no matter how you "package" (essentially market) the assets they are related to.