Do you have any data to support this? I ask, not to challenge the idea, but because I share the same suspicion - that the supply of investment dollars that go i

Do you have any data to support this? I ask, not to challenge the idea, but because I share the same suspicion - that the supply of investment dollars that go into the market independent of its underlying fundamentals continues to keep prices strong (particularly now that 401K plans have replaced pensions so a lot of dollars go into the stock market each pay period automatically). If everyone views the stock market as the place to save for retirement, rather than evaluating it as an investment per se (relative to other asset classes), then the overall stock market will continue to perform well, even if the active trading of mutual fund managers causes certain stocks to rise or fall relative to one another. I haven't, however, seen any hard data to support that suspicion.