You can be an optimist and say living standards will keep improving, which I think is likely. But you can’t say that people will feel proportionally better off, because the goalpost will always move up with improvements in living standards.

when there are no predictable answers the only way we can identify the “breaking point” is to go beyond it, then look back and say, “Oh, OK, apparently 50 times earnings was too much,” which is something we didn’t know at 49 times earnings.

If there’s no risk, investors will bid up the price of an asset until there’s no reward, because free money on the sidewalk is always picked up.

as long as people have wildly different economic experiences there will be wildly different economic views.