Speculative bubble? Really?

REITs are priced at 30% below NAV and at the lowest price/FFO (funds from operations) ratios in 10 years.

Canadian energy stocks selling at 20-40% FCF yields.

S&P 500 p/e ratio at 19 at the end of the Fed's tightening cycle, a little above historic averages, but nothing like the March 2000 peak of 44 or the 2007 peak.

Pharma stocks are still cheap.

Most gains have come from the Magnificent Seven (AAPL, GOOG, AMZN, NVDA, META, TSLA, MSFT) with a lot of the rest of the market in the doldrums and yet to catch up.

The IRA's Keynesian effects are maintaining a tight labor market that drives real wage growth and is lowering inequality for the first time since Reagan. Is it enough? No. But with only a 1 vote majority in the Senate you'd be naive to expect FDR's New Deal 2.0.

As far as the young wokerati mob infected by the binary oppressed-oppressor mind virus goes, 51% want to end Israel's existence. Genocide is fashionable again. It's back to the future--in the 1930s. Never mind that when they're asked which river and which sea when they chant from the river to the sea, they don't know.