this post was submitted on 20 Jun 2026
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I believe Uber was the company to break the fundamentals game
The entire fundamentals game was broken back in around 2012 when, in the aftermath of the 2008 Crash, Central Bank meetings setting interest rates became more important in setting the direction the Stock Market took (up if they lowered interest rates, down if they did not) than fundamentals.
It just so happens that the period when Uber rose coincided with that period of high interventionism by Central Banks which lasted almost a decade since their solutions for the 2008 Crash did not address the underlying causes and the recovery following that Crash was one of the slowest post-Crash recoveries ever (in fact, Interest Rates and GDP Growth are still not back to their historical trends).
It wasn't Uber who broke the Financial System's reflection of real wealth creation, it was Zero Interest Rate Policy flooding the Economy with pretty much free money and Too Big To Fail meaning that certain Financial Institutions could do every Financial Crime they felt like and never really be punished for it and take any risk they felt like because Central Bank money was always there in the background to save them if they went too far.
Chicken and egg problem there.Have you considered the possibility that the Fed just got better at making projections?
The interest rate has been above 2% for more than four years now. It's currently at 3.75% so even if it is as you say, it doesn't explain what's happening now. I think I'll just stick with "irrational exuberance" being the explanation.