Hi there,
If you just started investing in June, then I would say you are not witnessing what I would call a 'normal' market. Has the investment landscape changed for good? Perhaps, as we don't have have a crystal ball. What I can say is that every time in history when we've seen crazy markets, no matter how 'normal' it may seem at the time, the markets have always returned to fundamentals. Unfortunately, when this happens there will be many who will be left holding the bag.
This year, momentum is driving pretty much everything. However, we are also seeing some major pullbacks too. Take the EV industry - it peaked in August then pulled back significantly, now its shooting up again. Paying astronomical prices for some of these stocks will not turn out well in the long run. Sure, there will be some winners but many will be losers.
If you started investing in 2017-18, you would have said the same thing about cannabis stocks - we all know how that turned out. IMO, if you focus on the fundamentals, you can still benefit from the momentum but your downside will be capped because you invested in a company with solid fundamentals.
It is however, a very difficult environment to invest in - patience, and due diligence is of the utmost importance. If the bottom falls out, you will want to be holding on to companies that aren't relying on astronomical growth to justify valuations. If you try and make sense of the daily market fluctuations, it will drive you crazy. Let the numbers do the talking and take emotions out of the equation.
Mat