Are stock prices too high? I don’t know, and neither do you. I am too much of an Efficient Markets adherent to believe otherwise. Though, I am also Schumpeterian. So, yeah, we just may be in a new AI-powered economy where we will be much more productive, and the firms best poised to make money off this are worth a lot—and will be worth much more than what they are now. But until we figure many things out, and that could take decades (possibly many decades), there will be some froth along the way. We will make big bets on the wrong horses. Or some companies that seem poised for greatness will falter after a while. Or companies that seem unstoppable now may not exist then. Who the winners will be and what winning even looks like is unknowable right now.
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