Interesting view of valuations from Philosophical Economics:
The only way that you can know what the future valuation of stocks will be–so as to estimate future returns–is to apply some conception of what’s fair, appropriate, reasonable, normal. But the range of what can be rationalized as fair, appropriate, reasonable, normal is extremely wide, too wide to be useful, and far too wide to provide reliable pushback against a supply-driven market advance.
Say what you will about trend following, but at least the price is not up for debate!
HT: Abnormal Returns
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