... that is driving prices. As long as there is a fair amount of persistence in the pathology of market actors driving prices, one could assume that the collective behavior of the market itself is best placed to be a predictor of where investor psychology will lead prices.
That untethering from reality still seems to me to be bad for the actual progress of the human condition, and to be a source of instability, but maybe it's an instability that one can make money off of.
However that works, it looks to me like the markets (and venture capital for that matter) ...