Part of what happened was a secular decline in interest rates. Long term (10yr) rates have consistently dropped for 40 years from 1980-2020 down to zero. That m

Part of what happened was a secular decline in interest rates. Long term (10yr) rates have consistently dropped for 40 years from 1980-2020 down to zero. That makes longer term speculative investments (the discount rate) much more investable than otherwise. https://fred.stlouisfed.org/series/DGS10 https://fred.stlouisfed.org/series/DGS10 Basically, it's the same reason your entire family thinks housing is an investment. Unless, we figure out a way to back to zero and (figure out a way like digital currencies to go) negative this doesn't really continue. More likely, if there is some form of deglobalization, rates go up for the medium term (5-10yrs).