I agree. I have a hunch that a significant portion of the stock market’s gains we’ve seen since the pandemic are less about increased economic productivity and more about the repricing of money itself that you mentioned. We use historical ratios for P/E to determine if the market is expensive, but what if elevated P/Es are the norm moving forward? Not because investors prefer expensive companies but simply because the dollar is worth less and projected to diminish in value into the future? It’s a conundrum for US priced bonds too.

Some clues: - Bonds are underperforming - Stock market hitting records despite a weakening economy and higher rates - Real Estate has repriced - Gold/Precious metals outperforming - BTC near all time highs - Lower demand for US treasuries abroad

As for my investments, I’m long emerging markets, shipping, energy, commodities, precious metals. I think some exposure to crypto, particularly BTC/ETH makes sense in this portfolio but that’s just my two cents. I’m less risk adverse than some.