Thank you for your answer Professor Case!

I love direct. Also love that you found the post weird. Let me do my best to respond to your thoughtful comment. Though, in no particular order...

First, I understand the concept of discounting. Thanks for ensuring that everyone else does. I guess I am guilty of assuming limited resources, and therefore of assuming cost of capital should always be positive, and therefore, that the future should always be discounted. Were you imagining a different world?

Second, the very point I am making is that markets are clusters of people, and therefore they have inherent flaws. Yet, many ascribe a deity like quality to their functioning that flies in the face of their many mispricings, especially over long periods of time. What I am arguing is that for certain 'goods' they are actually 'bads.' In the examples that I gave I referenced things that may permanently alter the environment to the detriment of all. I was arguing for caution. Which leads me to my next response...

Third, point taken about people not being good prognosticators and then turning it over to another group of them. How do you go about correcting for possibly poor assessments of value? Margin of safety? I note the CAIA after your name, is it legit to include a margin of safety in your vol estimate?

Yours, in service,

Jason