Jun 16, 2026 · 5:46 PM UTC
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Interesting post. Your description of "narrative force" as an emerging capitalist driver resonates. That said, I think it's important to note that this model only works when the storyteller (e.g., Elon) can manifest the vision into practical (not just narrative) reality. This requires a top executive who is both a good talker and a good technologist — an unusual combination!
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kind of - i think this maybe overstates the universality of financial culture pre BTC/GME/SPCX. plus even in a DCF framework people will always come up with wildly different probability weighted cash flows. the market and clearing prices have always been a crazy expression of a bunch of value theories and various forms of systems inhibitions (regulatory stuff, technical reasons participants can't act as they'd like, etc).
there is definitely faster action/coordination than ever before. many of these examples involve weird price book mechanics where a relatively thin trading values a huge share base, also not esp new. there probably is some amount of HODL-eque signalling membership/meaning but even that class of mechanic has probably been a player even in the last 50 years of high finance, and certainly in earlier less technical eras.
in the absence of crystal balls, narrative is always kind of a fallback for expectations and thus valuations. dot-com, railways, treasure prospecting ventures...
imo same old capitalism, in a different technological/social/political environment for sure. and definitely still single universe vs multiverse
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Insurance is the worst version of this problem.
The product works. Claims get paid. Families don't lose their homes.
Nobody tells that story.
Spent four years at Rogue Risk trying to close that gap.
The companies that cracked it weren't lying.
They were just finally honest about what they were actually doing.
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