True, that.
But we both know that the markets don’t always respond rationally to what we think we understand about the state of the world economy, either. :-)
That needs exploration. When it is crystal clear that war has been declared on commerce, when their is incalculable deleveraging taking place globally, and when policy makers are on the verge of panic, the best you can hope for is volatility.
There is, imho, substantial pent up demand for the things that civilization needs and wants. But as long as foolish and malevolent are running the show (that is, in America), capital is on strike.
Until and unless some leading power (national or personal) steps on the scene, or the US returns to being the US, there is no reason whatsoever to expect markets to behave as they have in the past.
There is a new order about us.