An alternative explanation: those prior eras produced actual things, and those were capital intensive. Upside risk on capital intensive industries is more vari

An alternative explanation: those prior eras produced actual things, and those were capital intensive. Upside risk on capital intensive industries is more variable and one would not expect all companies in the sector to go up. But now, in our glorious era of not producing things and outsourcing everything, we have FIRE industries that can only appreciate in value with monetary inflation. And the reason why this very obvious connection between cost of capital and valuations will go unremarked is because SV and sites like this one have been chief contributors to this destruction of real value over the last two decades. The software tech dynamic of the 21st century will go down as the largest value capture in history.