Exactly this, that rules have changed and the only way is way up, similar to RE prices can never significantly decrease. Few canaries in coal mine: - TESLA surge - Microsoft accounts for 28% of the S&P’s gains this year, Apple is 15%, Amazon 13%, and Google 11%. - Buffet significantly under performing S&P The thing about market rise is that it is fueled by debt and buyback and not value. Does not mean it can not go even higher. But risks are too high to go all in.