New bull market, buy into new tracks and new narratives.

Why?

Valuation has no upper limit, and the market is full of expectations and enthusiasm.

If you are a powerful investor, would you pull a clearly peaked asset from the last cycle, or would you pull an asset where the sky is the limit?

Many people are not optimistic when the act is falling.

Now suppose: if the act rises to 2 billion, do you think that’s reasonable? 3 billion? 5 billion? 10 billion?

No matter how high it goes, the market will consider it a matter of course.