You're mostly right but I don't see anything going on in the markets today as much different than how it has fundamentally operated over the past century or so.
Hell, much of the same "speculative gamesmanship" was going on in the tech bubble of the late 90s. Just completely irrational valuations detached from reality. We ended up in a big correction.
As Benjamin Graham said several decades ago and Warren Buffett Repeats constantly "over the short-term the market is a voting machine, over the long-term it's a weighing machine"
Hell, much of the same "speculative gamesmanship" was going on in the tech bubble of the late 90s. Just completely irrational valuations detached from reality. We ended up in a big correction.
As Benjamin Graham said several decades ago and Warren Buffett Repeats constantly "over the short-term the market is a voting machine, over the long-term it's a weighing machine"