We have been in the Valuations Who Cares phase for a long time.. The trading community is now swamped with millenials ,Covid and Low Bank Rate escapee traders who read announcements. for Revenue numbers, and nothing else.
Millenials trade becuase it is now a thing & easily accessible on their phone apps. Some brokers allow parcels as low as $100 to be bought so they can trade with peanuts.
Bank rate escapees had to put their money somewhere as banks deposits where inly offering less than 1.0%. Many of these will be retirees who do not know how to navigate the market, but pleny of them are YT experts giving advice on how to navigate it. lol.
Covid traders were all cashed up with helicopter money , at home, and so deployed capital with the same mindset as Millenials and Covid traders.
And most of these traders have no idea what they are doing, except to Buy The Dip, as they believe markets only ever go up. They get onto chat groups and ask "what is a good stock to buy?" This is why the next crash is going to potentially be the most severe ever insofar as destroying the wealth of your average trader. People will get reamed out all because they never took the time to study fundamentals of markets properly.
And the XJO forum? Well, they're just a bunch of doomers...... "Im bying more WES, and the Big 4, BHP, etc and being smug about it"...... right at the top...he he .. keep on partying like its 1999....or 2007.
(20min delay)