> If that's the case, I can't understand how the PE ratios that imply someday the future value of these companies will be worth 100x-1000x multiples in 10-20 ye

> If that's the case, I can't understand how the PE ratios that imply someday the future value of these companies will be worth 100x-1000x multiples in 10-20 years are justified. Expected future growth. Some stocks get overpriced or underpriced, corrections to share price happen when information is taken in by the market. > There's a huge ecommerce bubble, and to a degree a tech bubble, being driven by all that disposable income that used to go to restaurants, travel, events, etc. instead being redirected to online shopping and online activity. Compounded by the money being printed by Fed which also doesn't have a lot of places to go. This is not a bubble. There is an expectation of 0% rates for the foreseeable future. The dollar has fallen in value since the March bottom and assets are being repriced higher to account for this. We aren’t even at February highs yet if you take the dollar decline into account, here’s an SPX chart adjusted for $DXY (SPX*DXY/100): https://tradingview.com/x/lyDLUewb/ https://tradingview.com/x/lyDLUewb/