Ben Carlson

stock market, has been a moving target over time.

It slowly but surely moved up over time.

And the thing is, to your earlier point about this time is different, this time really is different because there's just more tech stocks than there were in the past, and they're more efficient.

They're not having to spend a ton of money on this property plan equipment that goes away really quickly.

A lot of it is intangible assets, and their margins are really high, and they don't need as many employees as companies did in the past.

And so, Shiller's data goes back to 1871.

Imagine comparing the stocks back then, these conglomerates and these railroad companies,

that had to have massive physical outlay of assets.

And it was hard work and it required a lot of labor and people in spending on that labor.

And you don't need that as much anymore with tech stocks.

So I think the fact that valuations have been trending higher actually makes sense.

And you mentioned the foreign K piece.

I think that's another part of it.

Barriers to entry were so much higher in the past to invest.

Even when I first started out, I was telling someone this story recently.

I wanted to buy a Vanguard index fund my first year out of college, and I couldn't because the minimum was $3,000.

I didn't have $3,000.

Now, there are no commissions.

If you want to buy a stock, it's free at your brokerage.

You can buy fractional shares.