I agree that people should know better than to jump in the market. Heck if we'd have all listened to our inner voices nobody would have made a dime in the late 1990s. As it is, fortunes were made. People were bankrupted too.
From 1995 or so on, I kept my money on the sidelines. I could have made a lot of money, but the P/E ratios told me that the bubble would burst sooner or later. My TSAs remained in tact until the market landed around 2100 on the NASDAQ. At that point I thought things had settled out. Boy was I wrong. Oh well.