I think that’s very true about the free money. But even with some mild tightening on the agenda from the Fed, the money will be cheap for quite some time to come. There’s really not much in the way of inflation for the Fed et.al. to get seriously concerned about, and so the expensive equity markets probably get expensiver.
I would observe that the published inflation numbers are incredible to me. But for that matter I think even the Shadow Stats number is low.
But I know enough to know there's no profit for me being right and everybody else wrong, I'll just ride the wave until there is a secular shift.