Mind explaining what you mean by "passive cash flows" and why they became more expensive?

MS didn’t become more valuable in a vacuum. It’s just with the pandemic hurting so many businesses the value of a stable mature company that’s still making money went up.

The price/earnings ratio went up. You are paying more for each dollar of MS profit compared to last year (which was already a high P/E ratio).

It’s another form of inflation.

Passive cash is cash that is invested relatively risk free, such as in A status government bonds.

10Y treasury rate dropped by 1 percent point this year: https://ycharts.com/indicators/10_year_treasury_rate

Exactly