We have been in a profit and cash flow bubble now since 2010.
Free money, low wages, high margins, humongous conglomerates etc.
Goldman Sachs and JP Morgan took their time but are back at or near all-time highs on a daily basis. They laugh at all their disruptors (Payment, Brokerage, Bitcoin, Blockchain). They have the financial and political capital to own it all at any time they want.
AT&T has so much money they have the nerve to spend ad dollars speculating on a the first Major League Female Baseball players…meanwhile they don’t have major league bandwith on a global scale.
Verizon can piss away $4 billion on content, something NONE of their customers paying for data and voice want.
Apple has so much money they can buy Snapchat, Pinterest, Netflix, Twitter and Verizon if all their latest music and speedy content delivery investments fail.
Private Equity firms are flush with so much money they can overpay for things for years.
Chinese internet behemoths have had a moat to build gigantic ‘ad free’ social networks and can use their capital to chase anything American internet they choose.
American Investors continue to focus on the wrong metrics as this boom continues. Of course the boom will end, but the powerful are already speculating on how the next boom starts.