Even with slower employment growth in the second half of the year, productivity gains remain well above historical rates. I clearly learned a lot from our miniature bubble economy. The lemming effect dominates market efficiency in the short run but not over time. There is no new economics in evaluating the current value of future earnings that a company can provide. Revenue only matters to the extent that it serves as a stepping stone to understanding future earnings on equity.
Stock markets are more than thermometers.
They influence investment and spending and alter the tax collections of governments. Deficits and surpluses matter. I am waiting for an alternative explanation for why long term interest rates declined even as short term interest rates, inflation, and economic growth all rose. And an economy can always slip on excess liquidity. When the money oil no longer is needed, it must be mopped up quickly, or the economy may soar and then fall hard.