During the period from 1880 to 1990, the Shiller PE of the S&P 500 generally ranged between 10 and 20, rarely exceeding this range.

From the 1990s to 2000, it broke out of this range, then fell back, and has been climbing ever since… Currently, it stands at 34.75, far above the historical average and range.

Is this normal?

It's merely the effect of dollar interest rate cuts and QE.

To put it bluntly, how is this different from China's real estate bubble?

The problem with the real estate bubble is that houses are too expensive, leading to fewer buyers, and prices must drop to clear the market.

What about stocks? You can keep playing indefinitely, but the problem is that it turns into a game of hot potato, completely detached from fundamentals.

In other words, the U.S. stock market is just a larger version of the cryptocurrency market.

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