[ColdNoMore]

According to this person's opinion anyway.

If you’re an ordinary person who thinks the soaring stock market is crazy, you’re right. There’s no right or wrong value for any stock, or for the market as a whole. There’s only the value the market assigns at any point in time, based on supply, demand and other factors. But demand for stocks—investors placing buy orders—is wildly out of sync with what’s happening in the real economy, where 42 million Americans are newly unemployed and millions of businesses are reeling.

Traders are right when they say the stock market evaluates the future, not the past. Backward-looking economic data about what happened last week or last month is irrelevant to the value of stocks unless it hints at future actions, such as an unexpected change in Federal Reserve policy.

But it’s hard to imagine what future stocks are evaluating right now. 2025? 2030?

If so, that’s a time horizon so distant it’s almost meaningless.