You raise really good points and make valid arguments. However, you don't mention anything about fiat money creation. We learned in 2018 that the Fed won't raise interest rates by a meaningful amount.

If money printing and record low interest rates continue, assets make the most sense. I don't disagree that there may be a fallout. But cash may not be the best option (what if the fallout is in the dollar?).

It's hard to assess everything because our fiat money just keeps getting printed. So the old rules of P/Es and Case Schiller index may not have meaning like they used to. Let's say we've been playing basketball on earth for 50 years. Suddenly, we are playing on the moon without gravity. Is the strategy the same?

I've devoted a lot of time thinking about this. My strategy (not financial advice) is to be diversified. This way, if a fallout occurs, I am trying to protect myself from too much carnage. I'm also embracing crypto more as it has code/rules in place unlike fiat money.

People have been calling for the next crash for over a decade. When it occurred in March, 2020, it was the best buying opportunity of our life time.The crash lasted about a month, and then reserve banks threw everything at it. Now, we are living an a warped financial world. Behave accordingly.

Great piece and research.