I think 2020 might be looked back in financial terms as the year when narrative finally conquered fundamentals, now that I think about it. It's always been a phenomenon for sure, but with the growing dominance of retail and options it probably represents an inflection point.
Have you read Matt Levine on the “boredom markets hypothesis”? Thesis is that people have nothing to do during a pandemic so start yoloing calls on their phone. Be interesting to see what happens when offices/bars/restaurants open up.
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also if you haven’t read it “narrative economics” by shiller is probably write up your street
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s/write/right
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