The price for equities is driven by supply and demand, like all other prices. Does COVID make you want to save more, or less? If it's more, given that bonds have extremely low returns, why not stocks? Especially if you think that there will be a sharp rebound next quarter.

I mean, I think the stock are overvalued, but it's not hard to see how we ended up here. I thought about rebalancing out of stocks to avoid a drop, but I'm stymied by the question: rebalance to what?