PLS chart, page-200

Flood of QE money and cheap credit is asset inflationary in it's nature.
Add extremely low/negative cash savings interest to the mix. And uncertainty with residential/commercial property rent payment/eviction holidays, etc.
China, USA, etc gov actively propping up stock market valuations.
All that money eventually finds it's way to stockmarket, the only place with potential for decent returns on money.
And a decade of bombardment of Millenials and people that were never active in stock market with FB quotes, literature, articles resonating around: "buy when there is blood on the street" "Warren Buffet made this many billions, buying stock during GFC crash when everyone was selling", etc.
Lock those people up at home, give them: $10k, cheap credit and savings they have. What will they do: Buy shares in companies that crashed hardest. Creating self fullfilling prophecy and vindication of their belief with fat profit.

Hence we end up with massive disconnect between real economy and stockmarket. With economies on life support, massive unemployment, etc. soaring safe haven assets (gold, etc) and soaring stockmarket valuations where nobody gives a .... about P/E value, company profits, etc. As long as the market thinks they'll be able to sell XXX share to the next person and take some profit.
Normally: real economy and stockmarket would narrow the disconnect between them with economic data pointing that economy is catching up with valuations. Or valuations come down to reflect economic reality.
When that will happen is hard to know as: there is an army of newly mintet Twitter stockmarket geniuses and even bigger army of followers that will buy any dip again.
BEOT is unlikely to attempt to fight the enormous herd of stupid money with short positions.
So we'll probably stay in broken and volatile market for a while.

Having said that, I take a view: play the market that's in front of you, not hypothetical market that should be.

All IMO and not investing advice