“[W]e have to live in a high valuation world from now on?” I think that is an interesting question, and the answer is probably that we have been for some time. Rich’s graph shows that US share values have forged ahead of other countries since 2011, and the question is why? When you don’t need to look hard to find confirmation bias, perhaps that’s because it is now just confirmation, and maybe that is all you need to know.
