> A very, very, very large, consistent, long duration market says that they're worth a lot I agree with that. My point and the point of the GP is that the mark

> A very, very, very large, consistent, long duration market says that they're worth a lot I agree with that. My point and the point of the GP is that the market isn't good at valuing some things. The 'market' is just a tool, a technology, not a God or scripture. Any tool works well for some tasks and less well for others. Also, the concept 'free market' is a theoretical abstraction that doesn't exist in reality; the NBA, for example, operates a monopoly in a market distorted heavily by law, regulations, a collective bargaining agreement, and market power. As someone said, Theory is a useful servant but a bad master, liable to produce orthodox defenders of every variety of the faith.[1] [1] Harry Guntrip, as far as I know