"Why would you ever sell anything?" We are back to that! History has given us exactly these kinds of narratives at virtually every major market top: In 1929 it was radio and automobiles. In 1968 it was the Nifty Fifty. In 1989 Japan could never fall because land was scarce. In 1999 it was the internet. Revolutionary technologies can transform the world while still experiencing 70–90% drawdowns. Business Cycles and valuation will always matter. 'Why would you ever sell anything?' is exactly the kind of thinking that tends to emerge amongst analysts near speculative extremes. Like every time before: It is stupid. It is dangerous. It is ignorant of history. It is based on a complete lack of understanding of the Economy. And... it is wrong!