Great post. I agree: stocks, NFTs, Pokemon cards, etc. selling at prices that make no sense to casual and experienced observers area form of art, and indeed "ar

Great post. I agree: stocks, NFTs, Pokemon cards, etc. selling at prices that make no sense to casual and experienced observers area form of art, and indeed "art is what you can get away with!" I mean, once prices are disconnected from mundane considerations -- such as how profitable a company might be in the future -- there's truly no known limit to how high prices can go, nor is there a known limit to how long prices will continue rising. Just when you might think some kind of "limit to irrationality" has been reached, collective human imagination and wishful thinking can push prices even higher! It's so much fun, and so entertaining, for so many people whose wealth has been spiraling up and up and up. ...Alas, prices cannot rise forever. Our physical reality is finite. Energy cannot be created or destroyed -- the First Law of Thermodynamics is pretty darn strict about that. Our economic reality is finite too. Prices cannot rise to infinity. Stein's Law comes to mind: "IF SOMETHING CANNOT GO ON FOREVER, IT WILL STOP."[a] That's about the only thing we can predict with confidence about ''financial markets as collective performance art." -- [a] https://en.wikipedia.org/wiki/Herbert_Stein#Stein's_Law https://en.wikipedia.org/wiki/Herbert_Stein#Stein's_Law