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Keynes wrote about it in 1936:

yeah, look at the idiocy over wayfair -- down 5% on the open over a literally insane conspiracy theory.

In the short run, yes. But in the long run it's a weighing machine.

but then explain why the current prices aren't reflecting a weighing from a few decades ago?

when does "short term" become "long term"?

They can do both at the same time, it's just that a time series is not a very useful representation, you want something similar to an FFT.