Liquidity in the form of credit is buying a car at 1% apy, nothing to do with fund managers.

I’m not a permabear but having some perspective never hurts. Look at the cyclically adjusted pe and consider the risk free rate!

The sp500 it’s outright expensive with current earnings at 18x or so.

You have QT, rising rates, earnings going down and the fed telling you expensive assets are a part of the problem.

The only thing holding this market together is the pandemic liquidity injected in the form of credit, JPows bulging balance sheet and all the hopium in the air.