May you elaborate on this please ?
To borrow a term from Armstrong - this may be a phase transition; the rules seem to be shifting.
Thank you

Certainly - the best option is to go straight to
the source, but in summary:
Water splashes when it flows rapidly into a reservoir, and it also splashes when boiling - two similar effects with drastically different causes. The phase change Armstrong refers to is when markets move in a different manner than what we're accustomed to. Markets behave differently during growth phases and when they mature - even though asset values rise, the reasons and trends may be
completely different.