I think you'll find the whole valuation of the S&P500 is built upon retirement accounts. Yours. Mine.

In other words, look one level deeper and you'll see it's not the S&P500 that's overvalued. It's you and me and 100 million other people desperately attempting to make sure young people pay for them for 20-30 years when they're old.

And then you calculate it out ... and see it's not happening. No matter what the number on the account says.

There's the normal level of... optimism. And, then there's SpaceX, a scam on a scale the world has never seen.