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That argument proves too much [1]. The same can be said for almost all stock, e.g. Bill Gates could sell of his shares of Microsoft and crash the stock price.
by clarkm 13y ago
That argument proves too much [1]. The same can be said for almost all stock, e.g. Bill Gates could sell of his shares of Microsoft and crash the stock price.
[1] http://rationalwiki.org/wiki/Proving_too_much http://rationalwiki.org/wiki/Proving_too_much
- Eliezer 13y agoNo he couldn't. Microsoft shares have intrinsic earnings, and while the stock price might go down, I wouldn't expect them to go down far enough to generate predictable excess returns. Lots of people want predictable excess returns and they have enough money to buy all of Gates's shares and then some.
- deleted 13y ago[deleted]