Stonks Are What You Can Get Away With: NFTs and Financial Nihilism
This is a great post.<p>&gt; Many retail investors don’t really care about whether GME’s price is justified by their corporate earnings - they simply buy at any cost. This financial nihilism - where intrinsic value is unknowable and all that matters is what other people think - is a worldview often encountered in Gen Z retail traders<p>The article makes it sound like as if this is a recent phenomenon. I don&#x27;t believe that&#x27;s true. I believe that stock prices, or prices of anything, be it tulips or paintings, have always been driven by narratives. For example, both &quot;fundamental analysis&quot; and &quot;technical analysis&quot; are just different narratives that people have bought into. They then became self-fulfilling prophecies with feedback loops due to their adoption. Some may argue &quot;but earning reports are scientific! It&#x27;s numbers!&quot; - not it&#x27;s not. There are so many ways you re-arrange, manipulate, or re-interpret these things. It&#x27;s just another narrative that has been accepted by a large enough number of people.<p>Predicting the market has and will never be about &quot;facts&quot; - it will always be about predicting other people&#x27;s behavior.