Great post and the comment section is excellent too. One thing I still wonder in a multifaceted pricing framework: how important is the “story” of a stock? Unprofitable companies seem especially driven by investor narratives. At times the narrative almost appears to dwarf all other factors. What’s your take?
@basedlayer Getting out of Bitcoin requires acknowledging that people bought into a narrative that doesn’t hold up and admitting that they were wrong. Many people have egos that are too big for that. That’s why Bitcoin’s decline is so slow.