Oh, reality will have an impact, sooner or later. What happens when expectations are no longer attached to reality is "irrational exuberance", aka "a bubble". W

Oh, reality will have an impact, sooner or later. What happens when expectations are no longer attached to reality is "irrational exuberance", aka "a bubble". We're in the mania phase of the stock cycle. It's starting to feel like 2001 again: pet supplies ON THE INTERNET!!! Big money, big prizes, big expensive Superbowl ad! Partly the problem is that we're at the tail end of the business cycle, partly the Fed has been keeping interest rates low so anyone that needs yield (pensions, etc.) has to move out of bonds into stocks, and partly retail traders have been stuck at home spending their vacation money on the Robinhood casino. And stocks are up 30% on the year and 80% from the local minimum in March, so now everyone that is short on money says "I should play the market". Give it a year or so.