Calculators separate wide-eyed optimists from level-headed investors targeting fair value
Odds are stacked against the likes of Tesla and Nvidia delivering good returns from current prices
21 February 2021 - 17:16
Wall Street is one of the few places where customers rush for the exit when prices fall and where they clamber to get into the room as prices climb. Market movements over the past year reinforce this established behaviour, which spans centuries. Dogecoin, bitcoin, CryptoPunks, Shopify, Nvidia and Tesla are on a tear — and buyers keep coming as prices push higher.
Bridgewater’s Ray Dalio comments that cryptocurrencies are “one hell of an invention”. But, he argues, valuing them is highly uncertain, and it is difficult to make sense of bitcoin soaring through $55,000 for a gain of 75% in 2021...
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