We're no economists, but we did do pretty well on our math SATs , and so it's with some authority that we say the money didn't just get up and walk away. If an individual company suffered this kind of loss, SEC cops and forensic accountants and many, many lawyers would be crawling all over the place within twenty minutes, trying to follow the money. Something must explain the seeming disappearance of all that dough. Herewith, some theories as to where all the money has gone.
None exactly reveals a smoking gun, but many do at least seem to be related to smoking of some sort.
Wall Street has abandoned growth stocks for value stocks. But now many of those value stocks are down, too. The money isn't here. OK, It's moved into the bond market. This would be a good theory, except that the bond market hasn't risen nearly enough to compensate for the huge losses in equities.