This entire discussion is about whether the current valuations represent a bubble, and your retort seems to be that because they have these valuations they must be correct. That’s quite the circular reasoning.

No, im saying that the valuations recognize both risk and upside potential.

You call that a gamble and I ask the difference?

You would price them different-thats fine. All a valuation is is what someone is willing to pay. In this case - not you. I might put a different price on my lucky socks than you would.