I’ve posted Entry #691 to my weekly Valuation-Informed Indexing column at the Value Walk site. It’s called The Stock Market Is Uniquely Structured to Encourage Self-Deception.
Juicy Excerpt: It’s dangerous for the owners of an asset class to possess the power to assign it its worth. The owners possess an obvious bias. The people who own stocks want stocks to be priced higher. So they direct a good deal of mental energy to the project of pumping up the price. There are all sorts of rationalizations available to the human mind engaged in this task.
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