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That's even worse if that's true, because retail investors are the ones who can least afford to lose their ass. So many people went bust in the dotcom era. "Fundamentals matter" was the lesson learned, and we forgot that lesson in about 2 years, then we had the housing bubble, whose lesson lasted even less than 2 years, and which caused even more people to lose their ass. Now this. I'm no oracle, but I know how this ends.