> valuations become increasingly dependent on future expectations
Valuations are always dependent on future expectations. What else would they be based on? That's one of the main functions of a stock market: providing price discovery via competing buyers and sellers placing bets on the expected future economic prospects of companies. Of course fraud interferes with price discovery, but again, where is the evidence of fraud?
Valuations are always dependent on future expectations. What else would they be based on? That's one of the main functions of a stock market: providing price discovery via competing buyers and sellers placing bets on the expected future economic prospects of companies. Of course fraud interferes with price discovery, but again, where is the evidence of fraud?