The entire market exists in a fantasy world.

by KGB, Belly o. the Beast, Friday, June 05, 2026, 07:34 (4 days ago) @ terribletr
edited by KGB, Friday, June 05, 2026, 14:32

Pricing has become so disconnected from reality that the process of building a traditional, rigorous thesis on any company is just shy of folly. When failing businesses like Allbirds can goose their stock simply by mentioning AI as a toss-off, it's clear that the market is an unserious place that has more of the trappings of a casino than a sober arbiter of capitalistic merit.

I play around the edges of my PA with certain elements or sectors that I believe to be outperformers, but after two decades in the business, it has become clear that anyone who isn't largely rolling with the established indexes is a sucker. They're simply too big to fail, and there's too much weight and momentum to be interrupted by the reality of glaring flaws or shortcomings in the details.