> doesn’t explain anything. The broader stock market valuation bears no resemblance to reality and hasn’t for a while.

This is irrelevant to the game dynamic. (Trading stock in the short term is usually gambling, by the way, because trading per se is a zero-sum game.)

> we could make the same comparison with ridiculously overinflated stocks like PTON or CVNA

One, I can buy a Peloton. People pay for Pelotons. Positive sum. Two, if you go all in on Peloton stock, yes, you're gambling.