i can cure chartists, page-82

"I think Clark is confusing himself."


If we are in disagreement, the chances of you being right are are precisely nil.

I will say this one last time.

CBA was worth $5.40 in 1991
It is now worth $50

This basic fact is independent of the market.
Whether the same people now own the shares of CBA as they did in 1991 (ie no trading) or whether the share register turned over a million times, makes no difference.
CBA would be now worth $50 regardless.

The market is irrelevant.
It has added nothing. Its zero-sum.

All the value was generated by CBA.
It would have done the same if it was a private company and run the same way.

This is a very simple concept.