[robocat]

> believers

If it were only retail investors, your assumptions could make sense.

However plenty of the share ownership is institutional investors. Most of them care a bit more about fundamentals. (I'm ignoring passive investors just using indexes).

[munksbeer]

A lot of institutional investors get caught out all the time when they make mistakes about the fundamentals.

[levanten]

They also care about networking and connections.

[rf15]

Secondary effects can also make this a good investment decision: if you have enough other delusional people to buy into it, you still gain from it, even if you believe it's bullshit.