You have moved the goalposts from "isn’t it just down to other people subjectively valuing the asset you are buying" to "isn’t it just down to other people subjectively valuing the product/service the business produces” (paraphrasing).
Of course it is all subjective in a sense. My point is that you can disagree with the entire market about what an asset is worth and do just fine.
You have moved the goalposts from "isn’t it just down to other people subjectively valuing the asset you are buying" to "isn’t it just down to other people subjectively valuing the product/service the business produces” (paraphrasing).
Of course it is all subjective in a sense. My point is that you can disagree with the entire market about what an asset is worth and still have it turn out to be a good investment.