A Redditor on WallStreetBets is baffled that everyone from retail traders to CEOs openly admits we’re in a market bubble, yet nobody seems to care.

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Is it normal that everyone knows we are in a bubble?

Seems that pretty much everyone knows we are in a bubble – retails, CEOs, Wallstreet, you name it.

Sooooo it should mean everyone understands that at some point (sooner or later) it will pop, right?

I don’t think people are really that stupid to believe we will have AGI soon? Or even if – that OpenAI would let people know about it / didn’t use it for its own purpose to create anything they want on their own?

So how does that makes any sense? Everyone knows it will pop, but everyone acts like it won’t pop?

How was dotcom, or 2007 compared in terms of people’s enthusiasm? Was it similar? People knew yet still acted like its not a big deal?

I can’t process people could be just that stupid right?

I’m once again asking you to stop comparing today’s PE multiples against the dot com bubble

Why? Earnings quality is absolute shit because of trillions of dollars in rountripping fuggazi AI revenue

Look at the free cash flow, which cuts through the noise of non-cash vendor financing

Fun fact: $MSFT price to FCF multiple peaked at 60 in 2000

Today? It’s 55

Meanwhile, the S&P 500 trades at 40x FCF.

The Dot Com peak in 2000 was at 50x FCF

So congratulations… you’ve got a whopping 25% upside if you assume we replicate the most epic stock market bubble in US history