> Look at price/earnings ratios. They have crept up from the 80s which means investors are willing to pay more for each dollar of future earnings

This doesn’t come anywhere near passing the sniff test.

There are plenty of companies with very bad business models that still have a decent stock price (Spotify, Uber, Lyft).

Yes I know that you can’t have a P/e without a profit.

And some of the most valuable companies are in the oil industry extracting non renewable resources.