The market for growth tech/speculative stocks has been irrational for almost a decade now. New metrics always being invented to justify this/that, but plenty o

The market for growth tech/speculative stocks has been irrational for almost a decade now. New metrics always being invented to justify this/that, but plenty of stocks were at 100x Price Sales just a few months ago... Which pretty much never will make sense for a decently sized company. Yet somehow the FAANGs which are effective monopolies sit at 20-30 PE, while Costco is at 45. The market is not efficient at all, and I don't know if it's just blind index investing, herd behavior in fund managers or what. Seems to me we need a real correction to flush a lot of the idiocy out of the market. The government has supported speculators at every turn since the GFC, which is creating a weird moral hazard, most prominently now in housing. Fortunately inflation has forced their hand, and 10y rising even to 3-4%, and mortgages to 6% will crush most of the speculation.