> In a similar fashion, using present-day frameworks for thinking about business and value do not account for the disruptive force of technology. Well that see

> In a similar fashion, using present-day frameworks for thinking about business and value do not account for the disruptive force of technology. Well that seems like a major flaw. You can have an elegant model accounting for future cash flows at an infinite horizon but if a paradigm shift is coming in 2-10 years it's meaningless. As a retail investor I'm not sure it makes sense to think in this way anyway. Seems like the rational plan is X% of your portfolio in index funds, 1-X% in risky speculative assets in the hope of getting rich. The 1-X% is what's driving these finance people nuts, but if the retail investors are cool with it going to 0 it seems totally rational to make those bets.