Why are prices of stocks not very very high with very very low r?
Equities and some other asset classes have gone up in price.

However, just because interest rates are very close to zero, does not mean discount rates are very close to zero.

Discount rates account not only for the price of money, but also for future uncertainties.

The extended period of depressed demand in many nations has added considerably to the uncertainty.

Hence, some asset classes have increased in price, but not to extreme values.