Commentary Don’t Fight The Fed. That mantra has remained a call to arms of the financial markets and the bullish media over the last decade. Armed with its zero interest rate policy and the most aggressive monetary campaign in history, investors elevated the financial markets to heights only rarely seen in human history. Yet, despite record valuations, pandemics, warnings, and inflationary pressures, the animal spirit fostered by an undeniable faith in the Federal Reserve remains alive and well. Of course, the rise in animal spirits is simply the reflection of the rising delusion of investors who frantically cling to data points that somehow support the notion that this time, its different. As David Einhorn once stated: “The bulls explain that traditional valuation metrics no longer apply to certain stocks. The longs are confident that everyone else who holds these stocks understands the dynamic and won’t sell either. With holders reluctant …