Respectfully, I think a lot of this is narrative fitting. The US is the only country that shows this pattern. CAPE is still very important in determining long term returns. What it doesn’t factor in is profit margins (which have been at all time highs since the GFC recovery). If the profit margins normalize at the same time there is a correction in prices, look out below. 30 years seems like a long time, but in stock market terms it is a blip on the radar.