that all sounds like an incredibly roundabout way of inflating ownership structures rather than contributing meaningfully to value. how much fidelity can be ass

that all sounds like an incredibly roundabout way of inflating ownership structures rather than contributing meaningfully to value. how much fidelity can be assumed by this, over time? Unless you assume that value traded in a market is perfectly efficient (which it's not) the value signal is going to degrade over time. so, how long can you trust that the "chain of investment" faithfully represents value added? a year? ten years? how about investments in companies that have been around for 50, 75, 100 years? Why is it that we take as a given that ownership of value necessarily connotes the owner is themselves valuable?