Strawman

It’s All Made Up

The article argues that most of today’s market value is intangible, likening corporations to legal fictions whose worth rests on shared narratives. It highlights that even asset‑heavy firms like Alphabet derive roughly 90% of their valuation from non‑physical assets. The piece extends this view to bonds and other securities, emphasizing that investors ultimately trade one imagined construct for another. Ultimately, the author suggests that successful investing hinges on identifying enduring stories that can translate into real‑world value.