>There's nothing to make people think the price of an
>asset at time t+1 will be greater than the price at
time
>t than the fact that the price at time t is greater
>than that at t-1, and t-1>t-2, etc.
You and Woj seem to be talking about two different things. Woj's basically on about discounted cash flow whereas you're invoking the greater fool theory. Woj is very much correct in theory. You are correct from a practical standpoint (most markeet participants are not securities analysts).
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