If you’ve been following the headlines for the past month, there’s always some reason. Easy enough to pick something out of the air—“Chinese-American sniping less aggressive”, “Oil futures markets not quite so screwed up”, “a drug shows promise in an n=20 study” but the fact of the matter is that neither the headline writer nor anyone else really knows why the market is rapidly erasing all of this year’s losses and trending towards all time highs while economic output continues to crater and companies go bankrupt.

Perhaps investors believe that governments will do whatever it takes to make investors whole given the political power investors wield through their votes and political donations. Perhaps they are even correct. Why don’t headline writers say that? “Stocks continue to rise while unemployment goes up because rich people confident they control governments”? It’s as likely or more to be true than the “priced in” narrative they’ve been hawking.