There’s been a pretty widespread consensus growing in recent years around buying low cost index funds and holding them for the long run. In crises of the past, people would panic sell, which would create a vicious downward cycle. I wonder if what’s going on is that everyone is just riding the market and content to see their stocks dip in the short term, knowing it’d only be temporary.

If that is the case, then you also have to wonder what this will do to the long term market. If everyone is only buying and holding (except when they retire), then the market can’t really go down. Or can it?