I don't know, but I feel like the past 13 years just let the dry powder accumulate. COVID and resulting stimulus and supply shocks were the spark. When specul

I don't know, but I feel like the past 13 years just let the dry powder accumulate. COVID and resulting stimulus and supply shocks were the spark. When speculators saw the market dynamics they were able to use the cheap money to speculate, kicking off a feeding frenzy. Markets are non-linear. I think we crossed an important threshold in March 2020 and the fed wasn't active enough to realize or react to it. That said, you did see asset prices reach questionable levels even before COVID. I pulled most of my money out of the market in late 2019 for that exact reason. I was convinced we were due for a correction then.