Tag Archives: A random walk

Wall Street as an indicator of value

Lehman Brothers, bankrupt and worthless, has seen its stock price soar 200% recently, giving it an imaginary capitalization of $103 million. I haven’t checked General Motors (old) stock recently but last time I did it too had a make-believe value of hundreds of millions. I understand why someone would sell this worthless paper: the question is, who’s buying?


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