>... But you know what kind of public companies have zero earnings for years at a time, and where future earnings are so far away that it’s already understood b

>... But you know what kind of public companies have zero earnings for years at a time, and where future earnings are so far away that it’s already understood by everyone to be a day-to-day game of chicken, just like this? Biotech companies. And you know what kind of companies are going to be really interesting in the aftermath of Covid? Biotech companies. Sounds sorta like Amazon. It's one giant game of expanding P/E multiple. The bulls say tell me what I'm missing is that Amazon could turn on earnings like flipping a switch. They just don't want to. It's more efficient if AMZN holds on to the money. My response is that it's always been that way with this company. Same story in 1999. Also sounds sorta like Microsoft. Sounds definitely like Tesla. Sounds, in fact, like way too many companies. There's a bubble here of biblical proportions. The Fed has suspended the inevitable in the name of economic survival. But the signs were everywhere pre-COVID. Now, no severe decline in stocks will be tolerated. It's Powell Puts as far as the eye can see. The returns will be jaw-dropping. The valuations will be lunar. Still, it would be a terrible thing to be riding in this particular shopping cart when it smacks into the wall.