In past cycles, operators took vulgar companies and made them look good.

Now, they take good companies and make them trade at vulgar valuations.

That is the difference.

One oft- used , but rather silly, quote used by many is "Time in Mkt is more important than Timing the Mkt".
In reality, Time in the Market is profitable ONLY when your ( broad sector & theme) Timing of the Market right.

You need both. Period.