SPY cannot forget about its past
The only real reason why anybody would stay invested in anything is if it's going up. Business fundamentals are really just a joke in a Keynesian boom. But it's hard to meaningfully push up something that is already this expensive unless we add maybe another couple of trillions of money supply through the banking system. And it has to be through the banking system, because a helicopter drop likely will not help the stock market, where the Keyensianly fantasized 'wealth effect' is.
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