Or let Grant Williams do it for you.
Your assignment: watch this video. But if you are ADD-constrained, at the very least watch Grant's Problem #1, the disconnect between equity valuations in the U.S. and macro-economic reality, a 9-minute piece starting at the 7:30 mark. Now class, begin.
"Massive central bank intervention makes traditional value investing virtually impossible."
which leads to Takeaway #2:
[n.b.--"suppressed volatility" is econo-speak for "mindless herd-like behavior."]