HFT isn't primarily about fundamental valuation.

I'm not sure why anyone would invoke Renaissance as an example of anything, giving how little people know about what they concretely do. Seems ironically unscientific of people who admire Jim Simons.

Neither is an equity's price much of the calendar year.

We should distinguish between:

- price (absolute level)

- price movements (relative change)

Your claim is that an equity's price isn't usually a reflection of fundamental value.

On how many days this year (or this decade) was Google's market cap lower than that of Cheesecake Factory? Why?

I was referring to an equities price generally being in a wide band channel of price over a year. I was not suggesting an equity goes wildly below it's intrinsic value often (although it is not uncommon still)

…yes. Which is why OP made the argument that this tool, which helps with fundamental performance, isn’t very useful for calculating an equity’s price target.

Rentec also doesn't do HFT

You're right.

AIUI Rentec holds positions for minutes or days (or maybe even weeks?), not seconds or less.

My general point still stands.

Quite the opposite actually. Simons and similar practitioners eschewed fundamental valuation techniques. Buffett is possibly a better example.