Look, I get it, this is Finance 101. But even as I was learning this 2 decades ago, it never sat well with me. This process of valuation of a company works wel

Look, I get it, this is Finance 101. But even as I was learning this 2 decades ago, it never sat well with me. This process of valuation of a company works well under “normal” conditions. But at the end of the day, the asset price is really valued based on the supply and demand from investors and literally can have nothing to do with the underlying asset. Under “abnormal conditions”, the asset price is not a tangible thing, it’s the reflection of the hopes and dreams of market participants. Just look at Tesla which is trading at many times multiple earnings. Or look what happened with Hertz after it went bankrupt a while back. If we collectively all determined we wanted to buy stock in the worst, most bankrupt company in the world, we could still drive the price up to relatively astronomical prices.