Look at the share prices of financials, real estate firms, and auto companies over the last 2 years. It was so obvious they were worth diddly squat and yet the market kept pricing them at ludicrous levels for 2 whole years. Even now when it's obvious most are worthless, at least in the equity, they still trade at billion or ten billion market caps. Same happened with dotcoms. Why is the market so stupid and blind to what is obvious right in front of its face?