The PE ratio of the entire stock market has increased by a lot during that period: http://www.multpl.com/table
You could say that everyone has higher growth expectations, or perhaps capital is just cheaper?
You could say that everyone has higher growth expectations, or perhaps capital is just cheaper?
But I don't think it's growth expectations that are driving stock prices either. It feels more like investors shudder at the thought of owning any of the alternatives to US blue chips.