Looking in the rearview mirror in minute detail in this situation might or might not be valuable.
(Your milegae may vary. Operators are standing by..But WAIT! There's MORE!")
I cannot bring myself to believe anyone in this industry, pro or con, any more. Especially if I do not know their positions.
That is, when easy money isn't making it profitable to flip them.
Now then, if the prospects for the future growth of a business is beclowded by, say, threats of ever increasing regulation, possible nationalization, refusal of courts to uphold property rights, increase in labor costs, international threats to same, etc etc, why, then, that might tend to weigh on the value of equities at any time.
Bull markets do "climb a wall of worry," but I think that applies when the regime is one that is basically in service to the rule of law.
The market’s recovery was a dead cat bounce and not only that but actually bears a striking similarity to the dead cat bounce that followed the crash of 1929 before the final bottoming began in late 1930.
Look at stock market charts from that era and you’ll be amazed at some of the similarities between then and now.