Here is a read for you. I found it informative and timely. GLTY There have been only three 2.5 sigma bubbles in the last 100 Years...1929, 2000 and now! https://www.gmo.com/americas/research-library/entering-the-superbubbles-final-act/ ...the three near-perfect markets with crazy investor behavior and 2.5+ sigma overvaluation have always been followed by big market declines of 50%. The papers said nothing about fundamentals except to expect some deterioration. Now here we are, having experienced the first leg down of the bubble bursting and a substantial bear market rally, and we find the fundamentals are far worse than expected. The whole world is now fixated on the growth-reducing implications of inflation, rates, and wartime issues such as the energy squeeze. In addition, there are several less obvious short-term problems. Meanwhile, the long-term problems of demographics, resources, and climate are only getting worse and now are beginning to bite even in the short run.