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Falling values of WeWork, Uber and others prompts reevaluation among investors (wsj.com)
7 points by odqs 3 days ago | hide | past | web | favorite | 6 comments





It's adorable how every generation, predictably, without fail or exception, falls victim to their day's Tulip Mania.

What's less adorable is how people repeat fictitious narratives because they bolster their worldview and make them feel superior.

You know why that story sounds ridiculous? Because it's well documented that most of it never happened.

https://www.smithsonianmag.com/history/there-never-was-real-...


> That’s not to say that everything about the story is wrong; merchants really did engage in a frantic tulip trade, and they paid incredibly high prices for some bulbs. And when a number of buyers announced they couldn’t pay the high price previously agreed upon, the market did fall apart and cause a small crisis—but only because it undermined social expectations.

That’s... exactly what I was getting on about.

The article you posted exactly and precisely directly asserts what I’m asserting.

A few knuckleheads pouring money into a shortsighted endeavor.


Clearly, the falling values reveal re-evaluations. By definition.

It was obvious both these companies were ridiculously overvalued years ago. But there was no way to bet against them.

The entire premise of the value of capitalism is that smart money can take from stupid money. But capitalism is failing because we have no way to bet against these awful allocations of resources for the majority of their existence. In the case of WeWork, you still can't.

Late capitalism is that everyone at the top swings up and down with their peers and no real risk but the economy suffers real damage.

In my opinion Index funds and crony capitalism are a top down economy problem just as insidious as the one that took down the Soviet Union.


Isn't choosing to not put resources (working hours, investment money) a bet against something?



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