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Stocks A to Z / Stocks B / Berkshire Hathaway (BRK.A) ❤
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Author: luxmain   😊 😞
Number: of 15062 
Subject: Re: Munger, crypto fights back
Date: 02/07/2023 7:52 AM
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> (3) For any capital good (rather than earning asset), the price will go up only if there is an increasing population of buyers.

or

- if existing buyers become willing to allocate an increasing percentage of their wealth to the asset (e.g. sunk-cost effect, lured in by returns) - we often see this in ponzi schemes

- if the group of buyers become more wealthy / higher income over time (e.g. young people) supplying a continual stream of new money to the asset

Ultimately, all this does is extend the time before we reach (9), but it's the process that generates the die hards and it can keep a bubble rising even as new buyers disappear.

lux
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