I've been saying that since it started...
Wall Street investment used to be based on anticipation of earnings...
Once money starts flowing automatically, via 401k, etc... it is a shell game...
Every paycheck,... this money must go somewhere... it is no longer an estimate of possible earnings,... it's gambling...
Managers,.. must put the money on something. there is no holding back.
And,.. as the money multiplies, the value of any stock is reduced by equal percentage...
A pie only splits so many ways...
Spin the wheel... hope for the best...