exactly. it is all one big scam. biggest market cap company in the world collapses and the sp500 is near all time highs? every single stock is massively overvalued. 30-40% haircut coming across the board !!!!
Ah, how soon we forget... Most of the other former largest market cap companies are still around. Did the world end when they were toppled or did reality at their true potential finally arrive at the share price? Consider: Exxon, IBM, Microsoft. Even Cisco at one time. The mighty AT & T, now scattered,
Wal-Mart, whose growth continues, but slowly. GM? Not lately, just as Philip Morris is... in ashes.
Is there ever really a company with such lofty potential that it deserves such a great multiple? No, because growth is finite. There was a time when Southwest Air was worth more than all the other airlines together. A good reminder of why buy and hold may not work.