### Comment:
i'm not arguing that pricing is perfectly efficient, but some percentage of a company's stock price is reflected in tangible, sustainable assets that can increase **over time** due to increased productivity, demand, and so forth.

### REPLY:
So look at the PEG ratios. If what you just said is true, most PEG ratios should be &lt;1 
  
 They're not. Amazon's PEG says it's priced at fucking 17 TIMES EARNINGS GROWTH per share. The P/E is 80 too. That means it's 17 times more expensive that it would be if you were pricing it according to it's future value to an investor according to the 12 month trailing earnings momentum.

### END.