Not GP, but I think what they mean is that most of gen Z has not yet seen a serious downturn with their own eyes and with their own money in the market. On one

Not GP, but I think what they mean is that most of gen Z has not yet seen a serious downturn with their own eyes and with their own money in the market. On one hand they have older generations telling them to watch out and that bubbles never last, but on the other hand all their own experience has ever told them is that stocks pretty much only go up and that meme stocks go up way more than "boring" companies with allegedly better fundamentals. It is a very human instinct for these gen-Z investors to trust their own observations much more than the advice they get from other people. The argument is that eventually a crisis will come again (as it has done repeatedly every 10-20 years for centuries) and then the boring companies with big buffers and lack of risky behavior will be much better positioned to weather the storm, while many of loss-making companies in declining industries (yet with very high share prices due to meme stock status) will suffer more and possibly go bankrupt. That is the "weighing" part of the stock market boom/bust cycle as opposed to the "voting" part of the stock market that is currently exemplified by the stonks investing community.