You can argue that current market multiples are higher than 1929 [1] - and they're certainly high - but this also ignores the mechanism that drove that crash, focusing only on the symptoms. We simply aren't doing the kind of consumer margin buying that drove the '29 crash. It isn't even close. Average schlubs were leveraged to the stratosphere to buy shares of boring industrial stocks.

[1] https://www.multpl.com/shiller-pe

> The US stock market has nearly tripled since then. Literally the best period of stock growth in history.

The only thing I meant to point out was that a very high stock price by itself is no guarantee that there isn't a crisis around the corner. We plugged a lot of holes after 2008 and then reversed a lot of those fixes, I hear retail investors talking about their stocks at birthday parties again. Deja vu... of course this time it will be different. Or not. Let's just say that with the proverbial bull in the earthenware goods store on the loose if we only end up with another financial crisis that might actually not be so bad.