How much of the Churn is just Learning Curve?

[william the wie]

I've seen this argument in numerous forms. But in simplest and most memorable terms it is that 2008-2016 central banks mastered money for nothing but still couldn't get to chicks for free so the policy blew up. Now money costs again and investors have to get used to the idea that money is no longer free. Does this make sense of the market churn that we are seeing?