Subject: Re: OT: DEV ex US (IDEV ETF)
At 23x 2024 expected earnings, the market-cap weighted S&P 500 is froth with excess and in my judgment uninvestable.

Check out the multiples and the returns for Google since it's IPO. At this point NVDA:AI::Google:search.

But Costco is not Nvidia. So why is CostCo always so insanely high?
My SWAG is (1) the relentless gusher of money from US retirement plans, and lately from foreigners, in the US stock market; coupled with (2) valuation-oblivious marjet-cap weighted index investing that did not dominate in 2000 as it does now.
(2) is a positive feedback loop for giant companies as well as small stocks. Index inclusion creates demand creates higher price creates higher market cap creates more demand and (for small stocks with limited total and free float) inclusions in other indexes; an infinite loop.