I think it's part of it! Stocks that trade largely as meme stocks, like Tesla, might not have thrived under tighter money. 1/

But also I think the degree to which winner-take-all network effects let the fastest, most reckless movers become permanent titans (along with the lack of antitrust activity to counter winner-take-all dynamics) also has a lot to do with it, and just wasn't forseen in 2011. /fin