@ReapthewhirlSL@ryanburge In the late 20th century, people signaled their low status by smoking wherever they went. Clean air legislation took that away, so I think they then embraced tattoos as an alternate signaling method.
This chart, published in Grant's Interest Rate Observer, shows that investors in the summer of 2026 are paying 3.6 times sales for stocks in the S&P Composite index.
That's nine times the multiple of 0.4 that they were paying in the summer of 1982. There is no economic reason why people should value sales so differently.
But there is a socionomic reason: Waves of social mood, governing fluctuations in optimism and pessimism, account for such changes.
The current overvaluation of corporate shares is not just extreme; it's epic.