All play money, and very little of it is being based on reality.
We’re down $150...
I don't think it is play money although my concept of money has changed much in the last 20 years. I haven't solidified that concept enough to describe it.
Share prices should reflect the value of the company. I largely evaded the dot-com bubble with that thinking. I missed quite a few of the survivors though. Sadly that line of thinking has vanished from the market, probably driven out by the derivatives.
Stock markets are the ultimate indicator of what people believe the future will hold. The market shows a discounted present value of futures. It is 100% reality-based.