What if everything about valua analysis, or momentum trading or growth or anything else was completely beside the point, not irrelevant exactly, but just so completely overwhelmed by another force as to be meaningless. And that other force is liquidity, or maybe that’s the wrong word. The other force is the fact that the US Dollar is the equivalent of gold except much more useful and universal. And when you can take paper and make gold it takes a while before you realize this because you, as a democratic society (perhaps an individual or an autocrat would catch on more quickly) can’t believe that it is really true and also because it runs counter to your cultural ideology of hard work being the righteous path to success. But there it is year after year. Borrowing and spending, printing and spending and with none of the predicted consequences. And it distorts everything you think you knew about markets and businesses. Which all makes a kind of sense because yesterday’s knowledge and battles are never completely relevant for today. Until, of course, the persistent underlying reality makes itself known through some sort of calamity.