So all market valuations exist in a vacuum, and say <i>absolutely</i> nothing about how much something is <i>actually worth</i>? And how do you think this economic theory applies to the stock market or commodities markets? Are shares in companies and commodities inherently worth nothing but the price people agree to pay for them? Don&#x27;t they say something about their collective belief in that asset&#x27;s future?<p>Market valuations can become decoupled from intrinsic value, but that doesn&#x27;t mean the <i>intrinsic value</i> is zero. In the long term if something really repesents <i>zero</i> value its market valuation will approach that.