Corporations should use generally accepted principles (GAAP) when reporting their earnings. Instead, they prefer to discuss “non-GAAP” earnings to make profits look better than they are.

So what happens when you strip away the chicanery of non-GAAP to look at GAAP? According to Lance Roberts, the S&P 500’s price growth is even more disconnected from GAAP earnings growth than what investors witnessed at the peak of the 2000 stock bubble.

Apocalyptic Retail
2020 Stock Bubble is Broader than 2000's Tech Bubble