Only so much delusion can be supported. I know the market will stay irrational longer than I can stay solvent, but if a war to break out, which seems more and m

Only so much delusion can be supported. I know the market will stay irrational longer than I can stay solvent, but if a war to break out, which seems more and more likely every day, fundamentals represent how many bullets you can actually produce, and that kind of thing does matter, especially for making policy decisions. Knowing that there is potentially no basis for half of the country's retirement wealth is important because it means it could disappear over night.