I don't know why you're getting downvoted (I upvoted you). You make a good point. Valuations are both subjective (your view) and relative (where else can I put

I don't know why you're getting downvoted (I upvoted you). You make a good point. Valuations are both subjective (your view) and relative (where else can I put my money). This 'boom' could end tomorrow or go on for years to an end. Being early on a market call is the same as being wrong..which is why speaking about frothy valuations is one thing, putting money to work based on those presumptions of frothiness is playing with fire.