[RetroTechie]

What's dead is mainstream economic science's assumptions about free & fair markets, with well-informed agents that act rationally. We all know that's bs. As I've heard an economist phrase it:

One can study economics for 1000s of hours. Not spend a single hour on psychology, or economic history. And then obtain a bachelors (or even masters) degree in economics.

This, while it's crystal clear that markets aren't always fair. Playfields tilted. Buyers & sellers ill-informed, or not free in their decisions. Small investors can't touch instruments in institutional investors' toolbox. Historic mistakes are made again & again.

And psychological effects matter. Markets have a 'sentiment' (bull vs bear), investors fomo driving buy/sell frenzies, etc.

So is it any surprise that valuations are irrational? Let's face it: stock markets are a casino, filled with gullible fools & deep-pocketed crazies. Oh yes, some sane ones in there too.