The market we have today would be completely unimaginable to "traditional" market participants 12 years ago, 24 years ago and so on.
The myth of a rational market is a powerful one.
https://en.wikipedia.org/wiki/Irrational_exuberance
https://en.wikipedia.org/wiki/Greenspan_put
https://www.ft.com/content/9f7f32af-a71a-4892-b331-324aa14ff...