Interesting they only talk about value in that context, lol, ignoring that just maybe this is actually the weighing machine at work bringing the irrational exuberance back to earth.
Of course it COULD be this. But since we see a 50% drop in Saul Stocks since 11/2021, it is more likely yet another psychotic deviation around the weighing machine result and not the scale getting wildly more accurate in a short period of time. And Saul’s 29%/year for 20+ years IRR also suggest this is mutiple compression to counter the crazy growth of multiples in 2020 and 2021 up to November.