Yeah markets are disconnected from fundamentals. Conduct causal inference with any fundamental metric on forward returns and you'll see they have almost zero predictive ability. That supports the efficient market hypothesis, as do many many other observations.
If you could simply "value the market" in some analytical way, then any simple neural network would (universally) approximate it. Instead you see the vast vast majority of machine learning quant funds fail. Here are the specific details as to why: https://www.youtube.com/watch?v=BRUlSm4gdQ4
