Where is the bubble?

 

Without posting actual account amounts, I need an image here to support an 'asset bubble' argument I'm making elsewhere.

Anyone stopping by without that other material is just looking at an investment history. It happens to be mine and covers the time range between when the Fed was messing with interest rates in late 2018 to the early fall 2020 period during the COVID-19 hide-out. You can see the impact of the early COVID-19 lockdown fear period during Mar 2020.

At the time this image was constructed, there was a lot of discussion about asset bubbles in the equity markets. I'm making the argument (elsewhere) that this is more consistent with the general flow of retirement savings into the equity markets driving prices up. Supply < Demand basically.