Thoughts - if you want to argue that the billions of capital pouring into companies at present valuations isn’t at least as insane as 2000, I want to see your birth certificate, or your year 2000 annual brokerage statement. https://twitter.com/TESLAcharts/status/1338689884991709187

2/ I looked back a little at what unwound 2000. (Extracted from Wikipedia)

Y2K - a discrete concern that prompted cautionary accommodative Fed policy. COVID - also a discrete event that prompted aggressive Fed policy.

This is the *least* popular market rally in history....

2a/ If you think the Fed is going to prop up equities with low rates when our reduced GDP starts to manifest in inflation for every day Americans, good luck to you. It is one of the main drivers of wealth inequality.

When Covid is behind us next year, everything is on the table

3/ Look at this little gem... $MSTR - the SAME company with the SAME CEO just raised debt to buy Bitcoin last week.... history rhymes.....

4/ $MSFT anti-trust ~ $FB

5/ There’s many more chapters to write - we haven’t had the epically dumb merger like AOL/Time Warner, we haven’t had massive accounting fraud yet (pretty sure we have a few candidates for that), but give it time...

6/ And to those who say ‘but rates are low’ - how many investors *ACTIVELY* hedge equity exposure with rate hedges?

There are more institutions doing the opposite - ‘risk parity’ guys that buy treasuries and buy stocks: https://seekingalpha.com/article/4391557-future-of-60-40-equity-bond-allocation-and-risk-parity