I agree with you for the most part, but I don't think profiting requires a fool willing to overpay. If you bought Google stock at the IPO because you thought th

I agree with you for the most part, but I don't think profiting requires a fool willing to overpay. If you bought Google stock at the IPO because you thought they would be a dominant player on the Internet, you will have made a 600% return if you sold today. That's not to say that the person buying today is overpaying for the stock - they just think that Google will continue to grow in the future.