Asset prices have gone up 2 orders of magnitude; real inflation for "real" things (not financial instruments) hasn't gone up as much (80% or so). In part this

Asset prices have gone up 2 orders of magnitude; real inflation for "real" things (not financial instruments) hasn't gone up as much (80% or so). In part this is because profits have been up, therefore equities are up. Profits are up because companies aren't investing in the real economy as much since the 2008 crash. As to whether this is sustainable... PE ratios are trending higher but no where near the dot-com era levels. So it's not like equities are completely out of whack with reality.