Which was harder - building a stock exchange, or getting someone to read a whole book?
With the benefit of hindsight, which of the following would you say is the biggest predictor of growth in equities prices: everything else, greater buying, less selling, brand, liquidity, or previous prices?
In all seriousness, there’s no comparison. A regulated national securities exchange is one of the harder kinds of startups you can attempt.
I’m pretty sure that over the long run equity prices are a mirror of the fundamental value creation that companies do by serving customers. The problem is that this can become distorted “longer than you can stay liquid” as the old saying goes