What the last few days are telling us is that the stock market has not reflected any kind of sound business fundamentals in the U.S. economy in years. Its valuations are based almost entirely on the fact that it was a comparatively better investment than what was available with absurdly low bond yields.
This has been a speculative bubble driven by low interest rates for more than ten years.
I bailed just before Christmas when it became apparent that the steal would not be stopped, and that Biden’s reckless fiscal policies would doom America. The continued rise in the markets was a fantasy. I may have missed a small short-tern gain, but I’m not taking another 2008 wild ride. I’ll get back in when things shake out.
It's many times an ugly dog contest. The blue ribbon winner is not the prettiest dog, just not as ugly as the other ones.