I respectfully believe that is a wrong interpretation. Fundamental investing does not work in an environment where technical and algorithmic trading dominate the action. I believe it was 60% technical and 10% fundamental. I know as a fundamental investor it is very difficult to find value. Large and small trading firms have programmed computers to trade fractions of a dollar in ETFs and Index Funds. Those same algorithms that serve on the upside will crash in a crisis. Twenty years ago when I entered the business small and large firms served as liquidity to the market. Today that system does not exist in the same form. You have a system of traders connected by computers, when one refuses to trade or the algos are losing, they're pulled off line. We got a taste of that in the Flash Crash a number of years ago. This era may have a nuance that is different, but the bubble is no different since investors are not looking at cash flow as justification for purchase. Stocks are traded as tickers with your profit based on your ability to sell to another. I can't think of a more distorted market.