Simple explanation: Investors are desperate for yield. E.g., Current yields for 10-year Treasuries are about 2%, which in real terms is effectively zero given

Simple explanation: Investors are desperate for yield. E.g., Current yields for 10-year Treasuries are about 2%, which in real terms is effectively zero given that inflation is tracking just below 2%. So any asset that generates steady cash flow (e.g., Apple stock), or is considered to have the potential to generate future cash flow, will be hugely overpriced.