GoKawiilThe Thesis
Coherence Isn't Truth.
Coherence is cheap — a roadshow is built to manufacture it. Real businesses, a vast market, a growth rate with precedent, arranged until the story stops feeling like a forecast and starts feeling like a fact. But a coherent story isn't a true one, and this one doesn't have to be. It only has to hold long enough for the index to buy and the lock-ups to lift. The value was never in 2040. It was always in the rebalance.