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The NASDAQ is 97.5% correlated to total global liquidity. It has almost nothing to do with earnings or how good the companies are, and everything to do with how much money the world's central banks are printing. The small slice that liquidity doesn't explain is the NASDAQ's own adoption curve sitting on top. This is why everyone keeps saying equities are expensive. They're using a measure that stopped working the moment we started debasing currency. A high valuation doesn't really tell you a company is doing well anymore, it tells you how much money has been printed. This is the heart of my Everything Code framework. Once you understand that liquidity is the key driver of all asset prices, the market stops behaving like a mystery and starts running like clockwork. This is one piece of a much bigger framework. You can find all of it on my website: https://t.co/0CHQEKWytG