This shouldn’t be happening

I looked around the market and got a strange feeling… It seems like everyone is no longer buying for the business—they’re buying for dreams.

Tesla, a P/E ratio of 359x
Palantir, 230x
ARM, 217x

They all sound like “the new economy,” “AI will change everything”…
But in reality, what everyone is betting on is a future that’s already been paid out in advance.

What’s interesting is what comes next.

I realized something…
People aren’t buying profit now, not cash flow, not even the business itself—they’re buying the “script.”

The script says:
- Everything runs perfectly
- There’s no competition
- There are no mistakes
- The market always goes up

And then by 2032, everything will “line up.”

But the market won’t pay for “what if everything goes smoothly.”
The market will only give you a harsh lesson if you deviate even a little.

The strangest part is that the logic is completely backwards.

Before, it was finding 0.8 yuan in a 1 yuan case.
Now, it’s spending 5 yuan to buy a hope that might be worth 1 yuan in the future.

This isn’t investing anymore.

It’s finding someone who believes in this story more than you do… and then taking the high-price exit liquidity position.

I’ve seen this game before.
More than once.

Those red circles on the chart
seem to be repeating the same message:

First—celebration → then—doubt → and finally, “How on earth did we end up buying this thing?”

I’m not saying it will collapse tomorrow.
But I don’t like prices getting too far away from reality.

At this point, everyone has to choose:
Are you an investor…
or the next bag-holder in the chain.