I don't think anyone believes from a traditional value perspective that it is. There are two elements to the stock markets: 1) The traditional element in whic

I don't think anyone believes from a traditional value perspective that it is. There are two elements to the stock markets: 1) The traditional element in which people attempts to buy and sell companies at good values to produce a return 2) The portfolio construction, pure supply demand element. People have money sitting around and they need to try to find a way to at least protect that money from inflation so they have to try to put somewhere. And there are really only so many options, real estate, commodities, debt securities and equity securities. Most of the time people are generally just deciding between debt and equity (bonds and stocks). Right now, debt is historically unattractive so everyone is in equities because it's better than bonds. ETFs further entrench this because most of the retail market is just dumping their money into things like "growth ETFs" that are going to buy things like Docusign because it's sector is "tech" regardless of if any of those people would actually personally invest in that company. This is somewhat crazy sounding but it's not necessarily irrational. You do have to pick one of those categories if you want to at least try to not lose money to inflation and if everyone of them sound terrible you start looking for the least terrible.