It is the pension/superannuation funds and insurance companies that push up stock markets which are overvalued everywhere by traditional valuation measures. They provide the downside support. They necessarily have to invest their continuous flow of funds somewhere and where other than stock markets? If markets falls to their fair values, based on their earnings and return on capital employed, it would be disastrous to the pensioners and insurance policy holders. It is crucial that anybody invests in stock markets based exclusively on intrinsic valuation, based on normalized interest rates, and earnings. Not out of lack of other investment opportunities.