> 1. We had zero percent interest rates. This causes the value of assets with cash flows out into the future (think speculative tech, Tesla) to accelerate. You

> 1. We had zero percent interest rates. This causes the value of assets with cash flows out into the future (think speculative tech, Tesla) to accelerate. You’re on to an important point, but your statement is inaccurate. Firstly, it’s a fall in the rate of interest that is equivalent to a rise in the present value of a future cash flow. And vice versa. Notice this has nothing to do with “high” or “low” interest rates (whatever that means, exactly), but a change in the rate of interest. Secondly, this is not related to speculative stocks. All companies with an expected future income are affected by this, ie. almost all companies in existence.