> No, I'm correct. The market always buys value, and historically always has. The sole question is price. https://en.wikipedia.org/wiki/Keynesian_beauty_contes

> No, I'm correct. The market always buys value, and historically always has. The sole question is price. https://en.wikipedia.org/wiki/Keynesian_beauty_contest https://en.wikipedia.org/wiki/Keynesian_beauty_contest https://en.wikipedia.org/wiki/Pluralistic_ignorance https://en.wikipedia.org/wiki/Pluralistic_ignorance The market can't buy value if everyone believes everyone else believes that the value isn't there. (Actually you can go any number of layers of belief; what you need is shared knowledge, in the sense logicians use the term.) Everyone in the market is trying to guess what everyone else in the market will do, who are also trying to guess what the market is doing. Once you crash, you don't just need sentiment-of-value to improve, or even sentiment-of-sentiment-of-value. You need sentiment-of-sentiment-of-sentiment...etc. So, you can get grid-lock. Which is why you need the government to step in.