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the market doesn’t conform to your personal biases
by tempsy 6y ago
the 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.