$GOOGL in 2025 is a perfect example of how narrative always ends up following price action. Six months ago the storyline was “search is dying” & “Google is finished”. The multiple didn’t compress because anything fundamental broke but compressed because investors talked themselves into believing a multi-decade cash engine had suddenly become obsolete. The business stayed the same but the narrative changed. Now the narrative has flipped to “Google is actually the AI leader" & the multiple has rerated even though the company itself is largely the same. Google kept compounding. Cloud kept scaling. YouTube kept growing. The only real shift was sentiment finally catching up to the numbers. The chart shows how aggressively the market overreacts when it loses perspective. It punished Google for weaknesses that weren’t real and then rewarded it for strengths that were always obvious. The investors who win are the ones who stay anchored to the business rather than the storyline of the week.