My take would be they are pricing in the likely currency expansion that Trump and his ilk will perform. Last time before the pandemic the money supply increased roughly 16% over four years.

Basically they're pricing in cheap money.

I'm guessing we'll have good stocks for a while, and then probably a bailout because of god knows what this time.

And in four years your money will be worth half again, so try to double your salary and savings. Hope I'm wrong but you know what they say about planning for the worst.