The same “doom and gloom” investment gurus have been predicting Armageddon for two decades or longer. Using classic value investment metrics (P/E, P/S, P/B, PEG etc) the market today, on an inflation adjusted basis, is actually cheaper (i.e. more rationally priced) than it was during prior “bubbles’. In simple terms, you can buy a dollar’s worth of S&P 500 company normalized profits today for less than you could 5, 10 or 20 years ago. Obviously, there were Covid-related bubbles in a subset of stocks like Zoom, Peleton Docu, etc. which have recently been substantially deflated. These companies never had real profits for any sustained period so it was really hard to value them. Also, the various Crypto related stocks are in a bubble of their own but have come down more than 50% in the past several months. Otherwise, the rest of the market is trading quite well and reasonably price for a rising interest rate, mega geopolitical risk environment.
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