The Return of Irrational Exuberance

Is This Wildly Overvalued Stock Market Doomed? Yes, But Maybe Not Yet
https://www.wsj.com/finance/stocks/stock-market-overvalued-forecasts-2025-e073e1d4
History shows no link between nosebleed valuations like we have today and returns over the next year. Expensive stocks can always get pricier.
 
The Bitcoin Boom and Easy Money
https://www.wsj.com/opinion/bitcoin-prices-microstrategy-markets-assets-federal-reserve-810db1b9
Asset prices suggest that financial conditions are hardly tight. 

Billion dollar squirrel: Trump effect fuels crypto’s ‘memecoin’ boom
https://www.ft.com/content/66fe7655-704a-407f-8f20-a3f081296a36
Tokens based on online viral moments outpace bitcoin over past month but critics say they reflect market froth.

Bitcoin Hits a Milestone: $100,000
https://www.nytimes.com/2024/12/04/technology/bitcoin-price-record.html
The price of a single Bitcoin rose to six figures for the first time, an extraordinary level for a 16-year-old cryptocurrency once dismissed as a sideshow.
 
Revenge Of The Trader Bros: Speculative Bets Boom In Trump's America
https://www.fa-mag.com/news/revenge-of-the-trader-bros--speculative-bets-boom-in-trump-s-america-80536.html