Everyone has an opinion on why the stock market does what it does. Earnings. The economy. Who's in the White House. The Fed chair's mood that morning. Almost all of it is noise. This chart is 15 years of the Nasdaq 100 plotted against total global liquidity. The correlation is 97%. When I first saw this I was stunned. A fit this tight meant something much deeper was going on underneath. So I started pulling the thread. That thread became the Everything Code, the framework I've been building in GMI since 2023. It’s the single most important thing I can teach anyone about how the modern economy actually works.(Raoul Pal)