So what? If the market opened up 20% tomorrow and you would have to either buy real estate, art, stocks or bonds for the next 5/10/20 years, what are you going to do? Do nothing and hold cash? It doesn't matter what happens to earnings and multiples as long as all other asset classes are even worse than stocks. Just saying the market got more expensive doesn't really matter. It's irrelevant. Where is the "retarded disconnect" that comes along with a market getting more expensive when it's still the best yielding asset class around.

What matters is the competition between asset classes. You can buy stocks today, and if in 5 years they go up by 50% but real estate prices go up by 60% then you are farther away from buying a house than you were initially, even though you had a good return on stocks.