I think the point is the horizon of payoff has previously been a lot more confined. A company was worth a multiple of earnings for example - because you were fa

I think the point is the horizon of payoff has previously been a lot more confined. A company was worth a multiple of earnings for example - because you were fairly confident that it would continue to earn, and if necessary could pay out dividends (and shareholders could vote to make that happen). That has gone out of whack in the past, but those were bubbles, and corrections happened.