The current price is all inclusive up to the moment. If it's gold and no one wants it, it's worthless, even if it is fundamentally cool.
"A little bit of knowledge is a dangerous thing."
"Devil Take The Hindmost, A History Of Financial Speculation", by Edward Chancellor.
"According to modern economic theory---which holds that markets are efficient, i.e., that share prices reflect intrinsic values, and that speculators are simply rational economic agents intent on optimising their wealth--the history of speculation is a dull affair. In the world of efficient markets there are no animal spirits, no crowd instincts, no emotions of greed or fear, no trend-follwing speculators, and no "irrational" speculative bubbles.
"Extraordinary Popular Delusions and the Madness of Crowds" (1841), by Charles Mackay.
"Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one."
History, it has been said, repeats itself.
Premium Hands, KK |
