Yes, valuations are elevated. CAPE, market cap/GDP, price/sales and concentration all clearly show it. But I still don't see a full bubble/mania environment and I don't think the current setup can really be compared to 2000 or 1929. I don't want to sound arrogant, talk in absolutes and be dismissive, no certainty for me. But it's just my current view, brainstorming around the bubble narrative and I can be wrong. I simply think the picture is still more balanced than the "everything is in a massive bubble" narrative. Valuations are high, yes, but so far earnings are keeping up and still growing. Most companies are profitable, profit growth is broad, margins are much higher than in 2000 and conventional P/E multiples are nowhere near dotcom extremes. Just my 2 cents. Let's see in the coming months/years if this reading was correct or not.