Very true, but... Eventually all that money shows up as inflation.  Which devalues the SPX. The wealthy have been net sellers of SPX for over a year now.  It is only the collapsing velocity of money which has prevented an inflationary tear so far...but that has a hard limit at zero ( unlike interest rates) which can only be reached by either obliteration of technological society or a reorganization of economic activity to be uncorrelated with money flows