[simpsond]

Earnings are a fundamental factor. Forward earnings as well. In the last bull run, market caps skyrocketed way beyond sensible forward P/E because rates were 0% and growth equities were worth the risk. Now that rates are going up, the risk profile has changed. In the last year growth stocks that have not shifted to value stocks have been slaughtered. Think meta, snap, etc. At the end of the day there are way more factors than earnings influencing price. The options market even has a big impact on underlying assets. Anyways the risk profile has changed and value will become a stronger factor.