What the Stock Market Isn't Telling You About Fair Value

Fri, 04 Sep 2026 09:00:00 -0400

Number goes up. That’s it. That’s the entire thesis for a generation of investors who’ve known nothing but ZIRP (zero interest-rate policy), stimulus checks and the mother of all liquidity waves.

And honestly? I get it.

When your first decade in the market is defined by V-shaped recoveries, you start to believe that valuation is just the annoying lecture that boring old grandpa gives before the fireworks. You were never shown a single discounted cash flow model, were never handed a copy of The Intelligent Investor, and were told instead to “buy the dip.”

Rational Investing on Rational America

What the Stock Market Isn't Telling You About Fair Value