Both of course, plus quantitative easing and other factors. There was a lot of new money (QE) and not a lot of places to put it (ZIRP). In that context, compani

Both of course, plus quantitative easing and other factors. There was a lot of new money (QE) and not a lot of places to put it (ZIRP). In that context, companies like Chegg and Zoom were interesting bets and seemed to have more upside than, say, Netflix, which also had a strong couple years. But the whole market more than doubled in that time. The money had to go somewhere.