… You’re on what list?

I’m not into Tesla stock. I’m not just here to whine about a single stock not doing what I want, it’s that I think price action in general is too irrational. I’ve got an axe to grind here and it goes beyond which stocks to pick.

Huge ETFs and algorithmic trading makes too many tickers move all the same way. This harms price discovery. And don’t get me started on off-exchange trading; This month, off-exchange volume exceeded that of lit markets.

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Seriously. If everything I said leaked to billions of people, I’d be a comedic phenomenon, a trendsetter, and a terrorist.

Do you get why this is starting to feel very circular? If not, please don’t trouble yourself to respond. Sincerely.

Right. So anyway, the market does often appear oversensitive to buzz and under-responsive to fundamentals. What’s your take on market reforms? Are there any changes you’d like to see, regulatory or otherwise?

That’s just another way of saying buyer sentiment is the only thing that matters, in which case we’re back to square one.

My point is, if this is how markets react to worsening sales and an actually insane CEO how can you trust a rational bet to pay off?

True enough. A bet on any tech stocks right now is probably safe on that basis - but I expect they really do plan to crash the stock market at some point… It would make sense if you wanted to consolidate ownership cheaply.

Value investing is basically dead, isn’t it? Am I crazy? How can you objectively evaluate a company’s value, notice it is undervalued, and then trade accordingly when price action does not even slightly track the company’s value?

Big mood.

Do people still say big mood?

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.

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.

The market’s chronic convulsive disorder is, imo, an inefficient pricing problem. Price discovery doesn’t really exist, most of the trading volume is “off-exchange” and market makers have severe unchecked moral hazards in how they do business.

The underlying value of publicly traded companies simply does not change as fast as this. Regardless of what you might say about the speed at which the market reacts to new information. In a world where the media openly and solely serves the interests of billionaires and a small outfit like Wall Street On Parade is routinely censored on socials, there’s no reason to believe anything you’re ever told by the news about any moves in the market.