Fact is though that in 2017 and 2018, US listed corporations posted huge increases in profits that fully justified index levels and many on here refused to acknowledge that. Basically, indexes often rise in anticipation of future changes in earnings, so one could argue that the anticipation in previous years ( say 2013-2016 ) were essentially correct in nature.
Often the initial moves in prices on earnings re-adjust after the initial move, but if the underlying numbers support a higher stock price, that will eventually occur. Short term price moves are often off or even irrational in nature, like when AAPL went from $135 to $90 and the P/E was under 10. So now we see S2007S complaining about AAPL's valuation at $240, but I don't remember him taking a positive outlook on AAPL's numbers when it was $100 a share ( quite the opposite I believe, but at best neutral ).
