A big thing to keep in mind is how our markets are so badly warped, not free markets at all.

The reason that there's so many investors with so much money to throw at useless crap is that the government created stuff like central banks, bank insurance, deposit insurance, and so on that allow money to be pumped out without any regard for the risk of an investment.

All this money is trying to find a place to grow, so it all goes into index funds, and if you can get your stock on there, you're golden.

This is all a result of "make the numbers go up at all times", because if the numbers didn't always go up because the state wasn't propping everything up, then capital would only grow if it was smart and chased smart profitable works, which is a lot harder than just creating unlimited money and letting it slosh everywhere.

I suspect we're going to see this hard if central banks continue to reduce liquidity to fight inflation.