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All true. Also been true for ~7 years, so maybe it doesn't matter much.

At some point, the balloon will get squeezed and all that money is going to rush elsewhere. I don't envy either part of the balloon.

But will it? The big lesson of 2009 was that ratings agencies aren't trustworthy and investment banks have no problem selling you junk investments.

The Dollar Shave Club looks like a prudent investment in comparison. Perhaps it's overvalued, but it's safe from outright fraud.