[nonameiguess]

I don't think you're wrong exactly, depending on what you really mean here, but it's pretty misleading to frame this as an indictment of the stock market. WeWork's wild overvaluation was due to being privately held. As soon as they tried to IPO and had to present audited financials to accredited investors was when the valuation tanked. I don't know what better proxy measure exists for a business' "true value" if not market cap of publicly-traded equity.