Stock investing isn’t about underlying value. The company itself is almost irrelevant. Stock investing is about predicting stock investor sentiment.
That’s not a traditional view of investing or the manner in which securities are built to be valued, but it is admittedly the modal paradigm to which we are subject.
Which is why NFTs work. They’re refreshingly honest: They represent nothing of any kind of value, yet are valued. Something something fetishism.
A part of me loved the idea of decentralized finance (punk as fuck if it hurts centralized finance) and was rooting for NFTs if they were going to be used to restore ownership rights for digital property but… That’s not what happened. It’s all grift.
Certainly. But very few people really do value investing anymore. Even professionals.
