I mean, I agree that the market left fundamentals behind years ago. But when increasing numbers of transactions are handled by robo-advisors all working on similar parameters and institutional ownership is something like 71% of the DOW, can we expect the same result as in 2000?

Billionaires aren’t going to roll over and go bankrupt - they will manipulate the stock market to make it look like the economy isn’t failing. A crash and government intervention isn’t impossible, but I suspect we are already wallpapering over the mess - note that central banks say “markers of recession” rather than “recession”, because then it can’t possibly be real. They would prefer that the 30% of shares owned by us plebs aren’t panic sold so the problem stays invisible, but if it is, they will buy up the shares at a discount and continue to trade them among themselves with fictional dollars that have been loaned into existence.

But I’m mostly left wondering if enough manipulation is happening already to stop it from failing; billionaires aren’t just going to roll over and watch their wealth evaporate. When the bulk of stocks are owned by institutions and increasing numbers of investing decisions are made by robo-advisors with similar buy/sell thresholds, can we expect the same result as in 2000?

I suspect that we are already living in the manipulation and it just consolidates the wealth upward rather than showing a classic crash.