It's a scam, but only in the sense that it's become completely controlled by central banks. Since 2008, any 10% drawdown, regardless of how stretched actual val

It's a scam, but only in the sense that it's become completely controlled by central banks. Since 2008, any 10% drawdown, regardless of how stretched actual valuations are, is met by panic at the Eccles Building, followed by anything from dovish jawboning to unprecedented asset purchases. This results in valuation expansion regardless of underlying GAAP profits, particularly for stonks in the "growth" category. Equity (and bond) markets now only ever go up. But the great thing is that you can participate in the scam just as easily as the next guy. Just buy the index and wait. Jay Powell's got your back. I used to be a "hard money" guy who raged against the "injustice" of the "rigged" system. but think practically - you can either be mad, or you can join in and benefit. One is better for your mental health than the other.