The week ending Friday 4 September was the latest "they think it's all over" moment regarding the outperformance of mega-cap tech stocks in the US.
The FAANGs dropped, banks and energy rose, "value" investors readied the champagne while "growth" investors chewed their nails... and there was more talk of bubbles than you would hear at a West Ham family's lockdown BBQ.
As this is being written, the debate rumbles on over whether the valuations of the respective growth and value sectors are reverting to some kind of "normality". And this word goes to the very crux of the argument.
I have written before about how a generation of investors are struggling with what they view as normal. According to Dhaval Joshi of BCA Research: "In the 34 years through 1975-2008, value trebled relative to growth [in total return terms]. Albeit, with the occasional vicious countertrend move, such as the dot com bubble.
"But through 2009-2020, the tables turned. For the past 12 years, value has structurally underperformed growth and given back around half of its 1975-2008 outperformance."
It is worth considering the timescales for a moment. The 33 years between 1975 and 2008 represents a working lifetime for those who went to university and entered the world of economics either through banking, fund management or academia, or a whole host of associated financial occupations.
It was a period which was fuelled by almost limitless credit, so it was hardly a surprise that inflation was rife, banks' profits were hearty and the importance of oil and other "stuff" that came out of the ground also drove the profits of companies involved in finding that "stuff" ever higher.
This was all "normal" to that generation that learned everything they knew throughout that period.
It makes sense then, that many of these people are having trouble coming to terms with their idea of "normal" not working for them any more. You can often spot one of these folk if they use the word "normalise" in relation to interest rates.
This is the clearest indication of all that they are waiting for their "normal" to return in the shape of 5% and higher rates, even 12 years after the "Credit Crunch" (the ending of the 33 year period of unlimited credit) saw interest rates driven to zero or close to zero (or negative in some cases).
Central bankers themselves have had trouble coming to terms with the "new normal", attempting to raise rates from time to time within this 12 year period only to be forced to drop them again pretty quickly in every instance.
It is little wonder that banks are struggling to make any headway against the fierce headwinds of evaporated interest rates and the emergence of blockchain, or that energy companies grind their way through emergence of alternative and sustainable sources that offer a brighter future in every sense.
What about inflation?
Ah, inflation, that other stalwart of the era of normality between 1975 and 2008. This is another head-scratcher for the disciples of normalisation.
Everything they learned said that printing money caused hyper-inflation. Yet here we are after quantitative easing 1 and 2, and goodness knows how many sequels, yet inflation refuses to make a reappearance. It has vanished, as in a good magic trick.
Despite this, we are still warned about its' re-emergence. Don't get me wrong, it will be back one day for sure, but is it likely to be soon?
Peoples' method of working had already been turned upside down before Covid-19, with an explosion in self-employment, freelancing, renewable contracts, zero-hours contracts, part-time and flexi-time work, and job sharing.
Now with the various furlough schemes coming to an end around the world, it is difficult to comprehend how even these types of jobs are going to be maintained at similar levels, with the likely rise in unemployment making it inconceivable that wages are going to rise much in the short term.