Yes markets tend to underprice and then overprice, then maybe drift down to a sensible valuation over time as companies grow. So perhaps we'll just see some sta

Yes markets tend to underprice and then overprice, then maybe drift down to a sensible valuation over time as companies grow. So perhaps we'll just see some stagnation in the stock price but there's no sign of it yet. This does feel like a speculative bubble and we've reached the FOMO stage where people think things are overvalued but invest anyway, because everyone else is. 25% of the S&P is in the largest 5 companies (all tech), market cap to GDP is at an all time high of 183.7% for the US. US assets in particular seems overvalued to me at present and heavily distorted by the massive QE programs that have been running since 2008 and gone into overdrive this year.