The excessive liquidity from the central banks' money printing and governments' fiscal helicopter cash really distorted the markets like never before. There is a very good reason why so many cash burning, revenueless, non-viable companies (call them 'meme stonks', if you wish) suddenly pumped 100s and 1000s of per cent almost over night around March / April 2020. The reason is not that they all become successful companies or landed on some miraculous discovery. The reason is epic market distortion due to epically loose money policies and stimmies. There's many such stonks on ASX as well, from WBT to BRN and from NVX to ZIP. As the excessive liquidity is slowly leaving -- and hopefully it is allowed to leave -- the deformed market is returning, although ever so slowly, to its original shape, meaning that the WBTs and BRNs of the stonk market will yet again become penny stocks that they once were.
At the end of the day, if free markets are allowed to return, fundamentals do matter.
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