You were so close to getting there - he is a rationalist and, purely my personal opinion, the markets have been behaving irrationally for several years (I would say even the Trump years of fiscal manipulation to pump the markets).
Where I think you're off base is that, while markets can stay irrational for extended periods of years (and have before), eventually people realize the emperor has no clothes and there's always a reckoning at some point.
Where I think you're off base is that, while markets can stay irrational for extended periods of years (and have before), eventually people realize the emperor has no clothes and there's always a reckoning at some point.