> I don't really see how that interacts with the quote you picked about companies with improving margins. Companies are being valuated with total disregard abo

> I don't really see how that interacts with the quote you picked about companies with improving margins. Companies are being valuated with total disregard about their results. The whole stock market is currently in deep memestock territory. We are seeing a single low-output car maker being valued more than the whole car industry altogether even though they exclusively serve a car market niche that only amounts for a single-digit market share of the global auto market. Real estate is suddenly seeing an influx of institutional investment that hiked the demand so much it priced out the vast majority of families. In crypto, everything is unashamedly driven by a mix of speculation and capital flight to an asset that's believed to be resilient to inflation and crashes. We're fooling ourselves if we believe that we saw such a massive hike in efficiency in the past few years, specially given the global context. What we're seeing is a massive influx of free cash into the hands of institutional investors who are now desperate to park it somewhere.