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In the short term, the price is determined by the dumbest person with access to a checkbook. In the long term, the price is determined by smart people, because
by byrneseyeview 17y ago
In the short term, the price is determined by the dumbest person with access to a checkbook. In the long term, the price is determined by smart people, because the dumb people are broke.
- bdr 17y agoThat's only true if it's overvalued. If it's undervalued, the price is determined by the smartest person with access to a checkbook.
- byrneseyeview 17y agoI guess the dumbest optimist, then. If all the idiots are pessimists, too, your case is valid. And that does happen.
- STW 17y agoIt's actually a well known economic phenomenon when there is an auction situation and for sure FB managed to organized an auction: the "winner curse"...