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Lily Francus and Jesse Livermore — Understanding Financial Bubbles (EP.91)
Infinite Loops
Is There an Arbitrage?
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The value stock has some of its flows present right now, so it can put those cash flows back into itself. And by that very fact, it ends up having to fall less to deliver the same return increase. The arbitrage takes such a long time to actually play out, you cauld get away with ignoring it for decades as being relevant. But the fact that people know that there is an arbitrage creates a foot in the door for that relationship. That's often how bubbles pop. They don't pop because the actual arbitroge a takes a hundred years plays out or because people actually ecide and decide, i'm going to take that hundred year arbitroge they pop because
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