I agree completely. The Fed also can't keep QE programs forever. I think if the Democrats win in the fall, it could be a major trigger. There is no reason to think they won't intend to roll back the tax cuts and push for anti-trust against most FAANG seems likely too. Given how FAANG dominates the S&P, it could spiral quickly. The only question is when and how bad will it be. I think we need a real down cycle because just turning down the burner temporarily means the pop will be even worse.