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Replace Tesla with Facebook, or a fraction of one large tech company, or less than the $900B stimulus bill that was just passed. My point was only that it’s a
by tempsy 6y ago
Replace Tesla with Facebook, or a fraction of one large tech company, or less than the $900B stimulus bill that was just passed.
My point was only that it’s a currently a small fraction of the overall US equity market, and if it becomes increasingly widely accepted as a reserve currency comparable to the dollar or an inflation protected asset like gold then there’s no reason why it shouldn’t be worth trillions.
- arcticbull 6y agoThere's not a single reason why it should be worth anything at all.
- tempsy 6y agothe market doesn’t conform to your personal biases
- arcticbull 6y agoWhat makes you think the amount someone is willing to pay for something at any given moment is a proxy for its intrinsic value? Enron traded sky high until it didn't. Tulip bulbs traded sky high until they didn't. That people are willing to pay for it doesn't mean it should be worth anything. Worth is not price. And a high price certainly doesn't mean something is good for the world. If I offered $1,000,000 for each silverback gorilla pelt you procure, (a) is that a proxy for its worth and (b) is that good for the world? The market tends to conform to my personal biases, my personal investing account just crossed 14X what it was on 3/20. I tend to short irrationality but in this case I have no interest in shooting dice in a rigged casino.