I have pointed out this issue many times before...

I have pointed out this issue many times before https://www.marketwatch.com/story/black-swan-author-taleb-stock-market-way-too-overvalued-relative-to-current-interest-rates-11675192966

How come those nosebleed eye watering healthcare and tech darlings have not derated at all from materially higher bond yields and are still trading on 2021 bond yields? They derated somewhat early 2022, then fully recovered their valuation to 2021 levels in latter half of 2022.

Even the value stock australian REITs, which were dirt cheap in 2021, are too expensive. ~5% div is not enough premium when australian risk free is 3.5%, given risk to LTV covenant breach from higher interest rate. Sure they have inflation escalators unlike bonds but I feel it's still to little premium given risk to balance sheet breach, though far far far less overpriced than those nosebleed healthcare and tech darling bubbles. Retail investors with a mortgage will lose money if they buy these value REITs, that's enough to know they're overpriced.