The  Central Banks and their zero percent interest rate policies, whether you care to admit it or not, have clearly distorted the market....... in a good way and/or a bad way.   It all depends on your perspective.   It's been distorted in a good way if you are long the stock market, and a bad way if you've been shorting this market all these years. It's been distorted in both a  good and bad way if you like seeing the stock market at record highs, but  realize 9 years of low interest rates is going to make the next bust that much more 'bustier'.  And its been distorted in both 'a bad and a bad way' if you've been short this market the last 8 years and realize the bust of this cycle is going to be worse than being forced to watch 24 hours straight of Alf Re-runs.  Then again Alf hasn't aired a new episode in over 20 years, so lets just say 24 hours of Alf, and assume, barring Netflix starting back up the series, that any Alf episode  you are forced to watch is in fact a re-run, without actually having to say re-run.