That is exactly it Matt. Lag time + greed and fear. As a small indicator of what you’re talking about - many PE funds in real estate have halted redemptions because if the assets were marked to market -insolvency would reign. While the market “waits” for more liquidity….ie - money printing. Trying to measure it in shorter time horizons, against an increasingly chaotic insolvent credit based system is what keeps us stuck.
In time, it will be clear.