The *worst thing* about democracy is this thing people do where they vote based on peer pressure anticipating how everyone else will vote The irrational feedback loop this causes is responsible for at least 50% of the disastrous decisions made by voting
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Yeah, the specifics are almost always very complicated, as are the assessments of value, both as a going concern and in terms of what you could get in liquidation. But the valuation of a publicly-traded stock is probably accurate, beyond your ability to beat the market.
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That doesn't mean it can't be disastrously wrong! But that it reflects a better analysis of publicly-available information than anyone is likely to be able to produce on their own.
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It reminds me that some companies have a LOT of cash sitting around.
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The "corporate raider" era of the 80s was traders taking advantage of newly deregulated markets to raise this floor and attack a bunch of companies as filled with fat cat executives sitting on piles of money doing nothing with it This was very controversial
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