This is reasonable, as episodic observations of exceptional phenomena are generally inadequate to capture complex inter-relations between economic and financial variables. And yet those very deviations from the norm may contain precious information on how the economy works in conditions other than those usually prevailing. Much of the same reasoning applies to the analysis of financial market developments.
The wave of financial innovation in the last two decades was fuelled by the idea, in principle correct and fruitful, that the proliferation of new (and complex) financial instruments, allowing agents to insure against many dimensions of risk, was a way to “complete the markets”, to get closer to the theoretical Arrow-Debreu world, enabling investors to transfer resources efficiently across time, space and states of the world.