They're not just talking about price action, they're talking about spending. People in Sri Lanka don't spend much, and it doesn't matter to the S&P. That's starting to happen in the US too. Consumer spending is alive and well in the US despite the doom and gloom you see everywhere. So you have to decide, is the doom and gloom fake? Or do the people experiencing it not matter (to total spending and corporate revenues)? Probably a bit of both

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He’s just saying bottom half of us population is as immaterial to S&P 500 as Sri Lanka’s population. Both can be poor but stonks go up.

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