If the entire universe were turned into a giant computer and did nothing but generate uuids until its heat death, how many bits would you need for the ID space?
The modern world is like Jean Baudrillard's vision of hell. Back in 1991 he wrote "The Gulf War did not take place", commenting on what was at the time a new development of 24/7 live media coverage of the war. Media saturation created a hyperreality where images about the war replaced the thing itself. How far we have come. We are so complacent here that war exists only as stream of symbols and sounds streaming out of our screen. I think many do not truly believe it is real.
This is a slightly tongue-in-cheek way of saying that if you believe a security is severely mispriced then there is a straightforward way to express that opinion.
One way to think about this is you have a binomial distribution with p=0.8 and n=number of lying friends. Each time you increase n, you shift the probability mass of the distribution "to the right" but if n is even some of that mass has to land on the "tie" condition.
There are a few markets like Jacksonville and Atlanta where there is a lot of institutional ownership, but outside of those few cases impact of Blackrock et al on housing markets is effectively nil.
If the entire universe were turned into a giant computer and did nothing but generate uuids until its heat death, how many bits would you need for the ID space?