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NKLA - There's No Way To Value Gold But Valuing Stocks Is Becoming Equally Elusive
Nikola Corporation
There Are Decades Where Nothing Happens; And There Are Weeks Where Decades happen
Vladimir Ilyich Lenin
The land of no fundamentals
Fundamentals do not seem to matter anymore. At least not as much as they used to. From employment, PMI, GDP, consumer spending to corporate profits, margins, and return on capital - all these metrics are slowly losing their relevance for the stock market prices.
The disconnect between fundamentals and the equity market is not something new but has been going on for a number of years now.
Source: data from fred.stlouisfed.org and Yahoo!Finance