At first glance the NASDAQ is high. But in the USA: So is food. So is gold. So is silver. So is gasoline. All of those things are not simultaneously rising by coincidence. There is a simple explanation. The US$ is just falling. It simply takes more dollars to buy the same amount of commodities or the same amount of OTC stocks. I guess the world noticed what Helicopter Ben was doing and now expect a different number of dollars for the same amount of goods. I'm not sure how to explain the high P/E ratio, except to say that over time, stocks must yield comparably to other investments after considering risk, so I would agree that the market is somewhat high, but I don't see a tech bubble.