Rationalizing The Unreal

"Equities are detached!" laments are admittedly tired, usually clichéd and rarely useful. The problem with suggesting stocks are "disconnected" from various fundamentals and traditional drivers is that equity benchmarks, and particularly cap-weighted benchmarks, are in part just barometers of greed and despair. There's no reason to assume that stocks will necessarily trade consistent with fundamentals over the near- or even medium-term. That said, it's notable that recent gains for US shares