STREET DOGS: Beliefs are behind the value of assets
A thing is worth only what buyers and sellers tacitly agree it’s worth
From Joshua Brown at the Reformed Broker:
Everyone seems to have an opinion about how this or that thing isn’t worth what others are buying and selling it for. And that’s all right. So long as we all remember that a thing is worth precisely what its buyers and sellers tacitly agree it’s worth every time they transact...