While it is fairly obvious your dislike for quality at any price, and I agree with the broad thesis - there is one big difference of opinion I have which is not coming out from your viewpoint.
You’re pretty much implying that investors in high quality sky high valuation stocks can/will lose their shirt when earnings growth rate drops and stock subsequently derates.
That will not always be the case for these high business quality and management quality companies - stock prices can also move sidewards for years while the earnings gradually grow into the valuations. At the end of 5-10 years - there might be a big opportunity cost that such investors might have borne, but they would still pretty much get their capital back.
I just cannot understate the importance of low volatility low risk investments with very high probability of getting capital back which can allow investors to put big sums of money at play. This is what would let most people sleep easy at night.