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.
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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.
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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