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I sat down to write another Points of Return on the great inflation debate. Then I swiftly decided I needed a break. If I feel that way, I imagine readers probably do, too. I’m grateful for the feedback I’ve received so far on this fascinating topic; in 20 years or so, the answer to the inflation riddle will seem obvious. We won’t be able to fathom how we couldn’t see it. But for now, there is still much to discuss, and will be for a while. For today, I will leave inflation as usually understood to one side and dive into asset price inflation instead. Are we being asked to pay for too much for financial assets?