There seems to be a widely held misconception that company valuations have any basis in the underlying fundamentals of what the companies do. This is not and ha

There seems to be a widely held misconception that company valuations have any basis in the underlying fundamentals of what the companies do. This is not and has not been the case for several years. The US stock market’s darlings are Kardashians, they are valuable for being valuable the way the Kardashians are famous for being famous. In markets, perception is reality, and the perception is that these companies are innovative. That’s it.