13-5b2k There is no such thing as mispricing, at least objectively

But to the extent stocks represent companies, deviations can exist (e.g., see Warren Buffett and Charlie Munger).revisit

Put differently, there is no objective (or “natural”) price. 適正価格など存在しない.

Relate with Ludwig Lachmann.revisit

Related:

• 11-1d There is no objective risk
• 13-1a3.4 There are no objective or real costs that determine price
• 13-4d2 There is no objective value
• Put differently, what is universal is subjectivity
  • 5-1b1a2 Some technology contains knowledge which can be universal. You can’t predict how people will use such technology.
  • 9-1b2 Inevitable meme variation is another reason why it’s impossible to predict how people will use your work and ideas