So, it's different this time?

That's a convenient put-down, but it's based on an 800 year history.
I could (or could not, either way) care about 800 years or even 100 years.
All that matters to me is the previous, say, 30 years, and the next 30 years. And by me, I mean an average investor with a normal life expectancy, who has an extremely finite amount to make money.
If US companies' profit margins stay elevated for the next 30 years, they can all go to zero in the next century or millenium. I don't care. Only historians and pundits who think "long term" care.
Perspective matters. When you are dead you are dead.

I realize short-termism is a selfish view, and the West excels in it. Hence the indiscriminate industrialized slaughter of Earth's species, and microplastics. ("Plastics, it's the next great thing!") But it is the reality at least of my lifetime.

Berkshire Hathaway FAQ

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