Ann: Market Update, page-30

@madamswer @MarsC - Yes, the price action during and since the March crash has been manic and oftentimes perplexing.

I am a supporter of paying up for quality (though I prefer to buy as attractively as possible of course!), but even at the elite end of the market e.g. the famed FAANMG stocks, they have been adding tens of billions of dollars to their market capitalisations like they are springing up new business lines capable of generating that much revenue, from an already high base. Even in such an accommodating policy environment which has favourable impacts on the cost of capital (as @vic_wattle seems to be alluding to), multiple expansion has gone out of whack. The more it inflates, the harder it will fall when we have some sort of corrective event.