[frankbmd]

Originally Posted by joshuanip

I respectfully disagree on these points. Everything is “perceived”.

Coins intrinsic value is limited to face value which is nominal. Anything above is collectible value, same as baseball cards but without the attachment to history.

Stocks without dividends are valued based on its growth rate of future free cash flows (augmented by one time tax cuts, unsustainable accommodative central banks, and admittedly a strong economy) discounted by a historically low Goldilocks discount rate, and impacted by smoke and mirrors stock buybacks and positive headline risk fomo.

Cards are impacted by general asset (re)valuation, employment, and people’s liquidity requirements as it impacts short term supply and demand.

They all have different coefficients, but would suspect coins and cards have higher correlation and r squared than cards and stocks.

Originally Posted by joshuanip

Don’t mean to hijack the thread to stocks but growth (no dividends) is particularly (over) valued in low rate environments because it’s the compound affect of discounting that future growth is muted.

Hence value without any dividends (spending $). Add demand from stock buybacks and lack of options being us (market) is the best house in a bad neighborhood and the reduction Of publicly availble stocks from pe buyouts, and you have a meltup

My nomination for the Net54 Bryson DeChambeau Award.

However you failed to mention the spin rate of the spokes in the card market, which is less of a factor in stocks with potential dividend accrual resulting.