Stock prices show no mercy, no longer reverting to fundamentals.
Stock prices tend to move back towards their average value over time. A study on S&P500 data from 1871 to 2001 shows that before 1990, stock prices tended to revert to their fundamental value. However, during the late 90s, prices deviated significantly from this value without reverting back. This suggests that the stock market experienced a period of abnormal price increases without returning to its usual pattern of correction.