May you have been irritated by the stock market rally in the last few months too.

I certainly have.

Inflation is rising, people can't afford to buy buy buy like they could during the stimulus. And it's not even raining down in corporate profits either. The result: a rally that is sustained by what is called "multiple expansion" instead of profit growth or industrial production growth. You can see it clear as day in S&P500 pe-ratio.

Now we have the explanation where this comes from. Investors are fleeing out of paper money and bubbling up all assets as a result. This can only go smoothly as long as investors still have cash to get rid off.