Yes, but the problem for the last year and a half is the acceleration in money printing, which is what is reflected in the graph shared by Hydrogen. Even the rise of the S&P 500 over the last 18 months has a lot to do with the massive printing of money, apart from corporate profits. If you look at a graph of countries with hyperinflation such as Venezuela or Zimbabwe, you will see that the stock market rises by a huge amount but this is due to the devaluation of the currency and that the devalued currency has to be put into assets to protect the value, and not to the evolution of the business and the profit of the companies.