Who said anything about pricing things “fairly'? were stocks fairly priced back in 2018 when people were bracing for a market correction with the rates going up?
Also, the world has shifted a lot in how work is done remotely and a lot of easy money made it to the markets. Why should the new bottom be pre-covid levels when a lot of money made its way during the last two years? im not sure but if the new bottom is even lower than the highs of 2019 then we just lost trillions of dollars for absolutely nothing..
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