[minraws]

Proves the point that skills don't matter results do, if a monkey manages to make better milkshake and you fire the chef, you didn't really improve the kitchen.

But that's what we do in stock and markets and well whatever we are living through, sometimes bad decisions can have good results because you were right place right time. if it happens more than once, that doesn't mean it was incredible it just means the bias works.

If 1% of the innovators had access to levels of cheap capital Musk has had, we might be living in a different reality.

SamAltman for all his faults brought trillion dollar NLP systems to reality by sheer ability to raise capital.

Everyone believes if things go south Musk can raise another Trillion somehow. And honestly I wouldn't bet against the guy.

[cogman10]

This all assumes there was some skill involved. Instead, this along with gamestop and a few other meme stocks are showing that the stock market simply isn't as rational as finance experts have wanted to pretend.

This is a bitcoin stock market. Things are valued entirely based on what others are willing to buy for. They are not valued based on any attribute of the underlying asset. Exactly like bitcoin, it's whim and whimsy which is driving prices.

It's group gambling at this point. Everyone is betting that there won't be a run on the market.

[_DeadFred_]

It has always been gambling. The non-gambling version was grandma holding dividend stocks. Any stock that isn't one you buy for dividends is gambling. The whole point of index funds is spread out the odds.

[glimshe]

Everything is valued by what people are willing to pay for it.

[cogman10]

The myth of the stock market was that value was tied to the performance or potential of the company whose ownership you were taking a part of.

[twiceaday]

Value is tied to how people assess value. They used to assess it on the performance or potential of the company whose ownership you were taking a part of. Now speculation plays a much bigger role. This seems predictably correlated with distance to last deep crash.

[8ytecoder]

Skills do matter. It’s just a different type of skill. Merit doesn’t matter - but even that’s a bit arguable - if the merit is decided based on what someone is creating value for their shareholders and value is entirely defined by stock price, it seems to be working well too.

(Not that I agree this is right)