KJ .... there is that old axiom (and quite a lot of research over the years to support it) that a portfolio of high PE shares (also apllies to markets) tend to lead to lower than average future long term returns over the next 5-10 years

When Carmel started buying these shares they were much more modestly valued than they are now

Some of the stocks they have in Oz are similarly valued (like CCP which is starting to have huge expectations built into it)