Ive reached the same conclusion, with some additional ideas to why. In recent decades the availability of capital has increased dramatically. Low interest rates, spray and pray venture capitalists, creation of new dollars at a rapid rate.

The idea behind capitals returns were that it took great risk as capital is rare and hard to get. If capital becomes easier to get, that alters the risk/reward ratio. I think we are just watching the reward part shift to where it belongs in contrast to the lower risk.