This is an oldie (2014) but a goodie and very much worth watching. Regardless of what strat you use, ask yourself if you really have any edge.

The financial system at a larger scale is also front-run and bid up incrementally over days, weeks, months, and years. We all benefit from it but the increased asset prices just aren't real.

Part of the extreme volatility we saw in covid was this very balloon deflating very quickly and had less to do with covid specifically and more to do with a left-tail event and a run on liquidity. Simply put, there aren't enough exits for everyone.

I suspect the next left-tail event will highlight this. In the meantime, we have had hundreds of air pockets in single stocks over the last two years. We just had one on Friday with $STZ. 

Nobody knows what is going to happen in the future. This isn't the same market as 5 years ago and certainly not 25 years ago. The market has forever changed and the increased use of options complicates things.