Interestingly, my post from September explains exactly why this is totally wrong.https://twitter.com/Peter_Turchin/status/800356548337758209 …
It is legitimate to question to what degree a market share price is a measure of value. Problem of marginal vs aggregate price.
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Information asymmetry and principal-agent problems are where attention truly belongs. Because there is something wrong - just not this.
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and the key point is that the market is Darwinian. It's not so much the incentives as those who don't maximise are destroyed
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good point: that means this whole argument is redundant in a way.
End of conversation
New conversation -
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