>>60534786
>>60534756
It's passive inflows.
Passive money coming in just lifts the whole boat.

There are only 3 sources of returns for the stock market
- Dividend yield
- Earnings growth
and
- Speculation

The reason P/E ratios are climbing is because of 3. That's been a big source of stock market returns in recent years.

Dividend yield is already rock bottom at one of the lowest points ever recorded. Earnings growth has been healthy but the stock market is vastly outpacing it, hence rising P/E ratios.
We'll see if speculation alone will be enough if earnings growth slows for any reason.