Full disclosure, I consider myself reasonably savvy about personal finance but freely admit I have no expertise in finer nuances of investing. That being said, for those of us who prefer lazy man investing, I think current financial events should usually be ignored to a large extent. Whether it's inflation, or a market downturn, isn't that the reason most of us have a balanced portfolio?
Precisely because I am no expert, my ratio of stock and bond mutual funds and cash give me a comfort level so I do not stress out over market blips. Am I missing something?
No, you're not. There are many bogleheads here (including me).
There are also many market timers here.