> A properly functioning stock market This is not a properly functioning stock market. People are reacting to massive money injection by the government and the

> A properly functioning stock market This is not a properly functioning stock market. People are reacting to massive money injection by the government and the government picking upcoming winners and losers. > by weighing the prior ~15 years of companies' profits Are they also adding in the fact that 80% of the last 15 years has been due to life-support QE? > Even a 12 month period of $0 profits should decrease the NPV of a firm's future earnings by 10%, not 50% ... maybe a 12 month period of $0 NET profits, but what about 12 months of $0 total revenue? For many, many companies that is not a 10% drop in NPV, but bankruptcy. I agree we will return to a new normal, but what does that look like? Do we just go back to permanent QE like before where the debt market is artificially inflated forever? Or is this bad enough that the government gets to be part of larger corporate decisions now? There is no model where the next 12 to 24 months looks "bright" for almost any company, so the fact that the stock market is mooning is not rational right now. Trying to justify it as "properly functioning" seems very, very far off base to me.