It was Oscar Wilde who described a cynic as one who “knows the price of everything, but the value of nothing”. He could very well have been describing some equity research analysts and many investors, a surprising number of whom subscribe to the &`&bigger fool&`& theory of investing, which argues that the value of an asset is irrelevant as long as there is a &`&bigger fool&`& willing to buy the asset from them. While this may provide a basis for some profits, it is a dangerous game to play, since there is no guarantee that such an investor will still be around when the time to sell comes.

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