This is a picture of QE and the asset inflation it creates:

Microsoft Corp

EPS down by 1/3 since QE started at the end of 2012 and the stock has almost doubled.  QE is really the only explanation with more money in the system needing a place to go in large size:  Microsoft and large caps that look like it to the rescue!

This is what makes things challenging for TFP.  We have to assume assets are 25-50% overvalued now given fundamentals and using a reasonable discount rate.  That makes lending at much over 60% of LTV a risky proposition. But, of course, it is difficult to close deals at 60% or lower LTVs.  If this asset inflation can be sustained indefinitely, life gets much easier.  That has never happened in the past...though the global monetary authorities have never tried nearly this hard.