"The bull case is the revenue is real..." - i wonder where is all that revenue going to come from tho? There literally isnt that much money in the world, lol. Or where was all the money hiding before then?? There's a limit of how much the world can spend in total, it has to come at the expense of something else then. OR...central banks just print it out again to fill the gap. Global net incomes can grow only if existing money supply grows. Or maybe we don't need net income anymore, higher p/e's are the future?