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Alpha3031today at 4:09 PM1 replyview on HN

Traditionally, the value of a security is a prediction of its future cashflow to perpetuity discounted by a capitalisation rate. While it is true that some securities these days are sold as something not dependent on future cash flows, and insiders are paid off by selling something misleading to retail investors, that is known as a Ponzi scheme and is traditionally prohibited by securities regulations.


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skybriantoday at 4:44 PM

Predictions aren’t physical and can be wrong.

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