Perception Is the Market: Why Visibility, Belief, and Narrative Now Shape Capital Allocation

This paper argues that markets no longer behave like mechanical systems governed primarily by fundamentals. In an era of algorithmic mediation, global mobility, and accelerated information flow, capital increasingly allocates toward what is visible, legible, and narratively coherent. Using Friedman, Keynes, and Soros as three competing market worldviews, it shows why reflexive reality now dominates capital allocation—and why visibility architecture has become structural infrastructure, not cosmetic marketing.