Liquidity begets liquidity. 2013 wasn’t liquid enough for Saylor to get in. 2021 not enough for Apple or large sovereign wealth funds. Also, eventually, the Veblen Good effect kicks in and suddenly destroys the bond market. Eats the monetary premium of equities and real estate too. Then it will forever track some distribution of global vs local GDP + periodic (much smaller) rehypothecation booms/busts.