“US stocks no longer reflect any fundamentals but merely Fed and global liquidit

—“US stocks no longer reflect any fundamentals but merely Fed and global liquidity injections,”—

Actually, Mandelbrot argues that this has always been true. Or more accurately, that the (light) fundamemtals are obscured by (heavy) fed and (heavier) global injection, and that all volatility is merely the noise created as liquidity moves through the system.