Comment by y0eswddl

have because despite the story that most people try to tell about the market and the economy... in the late- and post-ZIRP era, it's been mostly based on Hype, Feelings, and Vibes.

It's why the entire S&P 500 teeters on the back of 7 companies without any presently viable paths to profitability that would justify the current valuations.

It's why repeatedly lying for a decade+ made Elon so rich even though the business output and fundamentals never really matched the valuation.

Still doesn't - this valuation is mostly vestigial beliefs that AI would eliminate an entire workforce ("history often rhymes") of drivers and replace car ownership with subscription.

The majority of the performance in the market has little to do with actual material value being produced and everything to do with how much rent finance bros think they can extract from the stock.