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One main factor missing from What Happened is: "Massive pro-cyclical money printing even in the face of full employment." This has led to the under-expected, massive equity re-rating of the hottest sub-sub-sector. A.k.a. "magnificent seven". This will also lead to the coming re-rating of equities when the sugar high turns into a sugar low. (Or perhaps not, if the massive money printing is topped up by another irresponsible even more massive printing, which is wrong, but cannot be discounted when under a selfish-politician-led regime.)