Morons were out here buying TSLA at 1100x PE ratios when the rest of the market is at 20, just assuming it will stay like that forever

Morons have been trading on the longest uninterrupted bull run in financial history. 12 straight years of meteoric growth and crazy rates that created the biggest tech/startup boom in history, exploding even moreso over the pandemic. You could literally throw darts at a board for over a decade now and still come out of it swell.

A deluge of morons took this as a sign of their genius in securities & financial planning and now that illusion is crashing down around them as they enter what is likely the first high-rates economy of their entire adult life.