I would argue tech isn't high because of the value of it but instead it is a combination of being seen as a safer investment while also having potential for gro

I would argue tech isn't high because of the value of it but instead it is a combination of being seen as a safer investment while also having potential for growth that outstrips inflation. If there is a company that is only growing slightly year over year, then due to the loose money policies of the fed, they won't be able to make your real money adjusted for inflation. Bit another issue may be that as Matt Levine likes to point out private equity markets are the new public markets. So the question is what will be the next step in financial engineering?