And my point is that the fundamentals matter insofar as they drive investor beliefs about other investors. I think what you are saying and what I am saying are

And my point is that the fundamentals matter insofar as they drive investor beliefs about other investors. I think what you are saying and what I am saying are compatible. As to whether their "fundamentals" will outweigh a decline in confidence brought about by this kind of negative press coverage... If I knew what would happen for sure, I could make a comfortable living as an investor.