With all the ongoing talk about all time highs, it is worth noting that in real terms the index all time high is actually more than 2 years old and was achieved on 1/4/22. SP500 closed at 4818 on that day which when adjusted for inflation and converted to today's dollars is 5318. The nominal all time high is 5264 which is close but hasn't yet breached 5318.

Same is true for RSP, QQQ, QQQE, etc. They are all still below their real all time highs achieved in late 2021 or early 2022.

However, interestingly, it is not true of Berkshire. The 2022 high was 362 achieved on 3/29/22 and translates to 390 when adjusted for inflation. The current price has of course breached this number and was briefly at 430 or so recently.

My takeaway is that it's better to convert everything into real and assess the situation. All else being equal, high inflation may make asset prices appear more overvalued than they really are in real terms.