There's two things I don't see people talk about much. They are forgotten forces I suppose. 1) Inflation. You're living it. The stock market is inflationary. P

There's two things I don't see people talk about much. They are forgotten forces I suppose. 1) Inflation. You're living it. The stock market is inflationary. Printing money creates inflation. Yet somehow they will make everyone believe 2020 saw 2% inflation. The market is telling us it expects inflation to be higher; maybe. You don't want to hold cash or low interest bonds going into an inflationary period. 2) Global demand for US equities. If there is a global financial crises/disruption, and there should be, people view US stocks as safer than all other stocks. Money managers would be moving out of other stocks and into US stocks. Demand drives up price. It needs no further rationalization than risk management with limited optionality of where to put their money. US stock prices could be ridiculously overpriced on fundamentals but may still be viewed as safer than their emerging market alternatives.