Airbnb is nearly worth $100 billion. Wow.

The market is in full bull market mode. There's a lot to suggest this, including the amount of money SPACs have made. Multiple expansion is also a major talking point and I will get to that further on in this post. But one thing is also very, very true. And that is the rise of stocks, like Airbnb, that are signaling market moments rarely seen in history.

Airbnb's market cap is nearing $100 billion.

Airbnb's CEO recently was on Bloomberg essentially saying how speechless he was at the valuation of Airbnb, especially when you consider he had a debt financing round at the start of the crisis at a *much* lower valuation.

The money is flowing.
The bull market is back.
Asset light companies are rising.
Platform stocks are booming.

Airbnb is a fantastic company. But even I am baffled at the $100 billion valuation. Especially on about $4 billion in revenue. This should make any investor or trader think.

For me, it means one thing: how much higher can we realistically go? There are tech companies currently trading at 50x sales and 100x earnings. The multiple expansion is remarkable. And so far there's no sign of it slowing down. Deep down, however, I think we all know there is a point, and there always is, where the return of your money becomes more important than the return on your money.

I have no position in Airbnb, but am using it as a barometer for the market! Have a great week everyone and thanks for reading.

TL;DR Airbnb at $100 billion is a remarkable thing. What does it say about market sentiment in general?