A few thoughts:

1/ Every bull market inevitably sees the Ponzi structure rising the most; you can't compare your struggles with earnings/PE to these Ponzis.

2/ The two core Ponzis of this bull market are Nvidia and Bitcoin. Nvidia is AI, the engine of the next Kondratiev wave. Bitcoin is institutional adoption, government adoption, electronic gold. They all have limitless imagination. Nvidia has performance, true, but can't you see that this performance lacks support?

3/ The core Ponzi concepts of the last bull market were electric vehicles and SaaS (Zoom, SFDC).

4/ MicroStrategy is a second-layer Ponzi built on top of the Ponzi, and this type of increase exceeds that of the underlying assets.

5/ The operators are all from the same group; looking at the major shareholders, you can always find familiar names like BlackRock and Vanguard.