RE:RE:ENB is breaking out Experienced: What you said is true. What you didn't talk about is the ever changed flow of investment funds towards the "best" perceived value on a risk/reward spectrum at any given time.
The stock market is actually a market of stocks, much like a grocery store for securities. Money moves towards the best expected outcome with what seems to be ever-increasing speed.
When interest rates go down, money moves to securities that pay out attractive yields just as the opposite is true.
You are a seasoned pro and you already know this of course.
The older I get, the more I realize that understanding and sticking to the oldest and most simple investment lessons tends to work. When lower interest rates stop working, I will change my mind.