Most people don't understand the stock market - I'm referring to the dunces working on Wall Street, the Kardashian watchers are just following their lead. Contrary to ubiquitous belief, the price that some idiot paid for a stock yesterday has no bearing on how much it's worth today. Not surprisingly, Generation Madoff doesn't understand the difference between liquidity (the marginal buyer), and solvency, what an asset is worth.
Earnings yields based upon stock buybacks funded with mass layoffs and debt, are a fucking illusion, something that should have been learned in 2008:
We are now in the forced selling phase, and there are no marginal buyers for overpriced stocks being liquidated, there are no buyers for stocks reducing forward guidance, there are no buyers for stocks cutting dividends, and there are no buyers for stocks eliminating buybacks.