Tbh the markets are incredibly overvalued and companies are trading at completely insane multiples, i fully expect a crash next year as reality sets in and the sugar high of the past 8 months goes away
The markets are pricing in expectations of an economic recovery once the pandemic is over. If the recovery proves not as robust as expected, for whatever reason, then yeah the markets are overvalued. That's why news that we are more certain to have a working vaccine juiced the markets this week as it reduced the risk that the recovery won't happen as expected.