No. of Recommendations: 2
So anybody who knew in advance that, for some inexplicable reason, the broad US market was about to become more and more and more expensive, good for them.
In hindsight, the reason is not inexplicable.
Profit margins have steadily increased and doubled since the turn of the century. As a result of this trend and in anticipation of this trend continuing, market participants have been willing to steadily expand P/E multiples as well.
It's possible that someone could have come up with a theory that posited this in advance. For example, until rates began going up in 2022, we were in a decades long bull market for bonds. Lower interest rates means less interest expense and in turn higher profit margins. Point being broad US market becoming more and more expensive is not completely random. There are ties, however tenuous, to economic reality.
