Basically he's saying it's just another bubble being created by the institutional investors who are buying-and-holding (not the traditional speculators who buy-and-sell and provide a very necessary role by creating market liquidity).
Whether it's tulips in the 17th century or tech stocks in 1999, those never end well.
I did read elsewhere a lot of this money is from the same investors who used to be funding the mortgage market and where driving the supply of dollars that created the lax lending standards, inflating the value of housing over the last number of years.
There was a time people...built things. Imagine what a few hundred billion dollars invested in nuclear power plants, in better freight railways, etc would do to help create good jobs, keep money in the U.S., and improve the fundamentals of the economy. Between legal / regulatory risk scaring some investors, and political ideology others (I'd bet many of the public pension funds and university endowments would be as loathe to invest in a nuke plant as they were in South Africa or are in companies that do business in Darfur...), there's a lot of investors in the world essentially hoarding money and not doing anything useful with it.
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Today's Featured Article - Haying Before Tractors - by Owen Clark. Hi guys! At age 8 (1927, am now 79) I was learning how to drive a stacker team on the old homemade A-frame wooden stacker, on three of my uncles` dairy farms in Star Valley Wyoming (south of Jackson Hole, on the Wyoming-Idaho border). There was one steam tractor in the Valley, owned by an entrepeneur who used it to run his grain threshing machine, that he hauled from farm to farm for the fall harvest. We used teams of horses not only on the stacker, but on the buckrake to buck the dried
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