In any case I think this raises serious questions about the day-to-day legitimacy of these markets.

Sometimes I think the biggest illegitimate aspect of the market is the overwhelming desire of regulators and marketplaces to construct and maintain the fiction of an "orderly market". You know, smooth prices with fair executions all the time. That the most recent transaction represents some sort of fair price.

It just ain't so. The reality is that people will exchange shares for money at a wild variety of prices for a wild variety of reasons, and this is perfectly normal. The most recent transaction is not necessarily representative of anything meaningful at all beyond the mere fact that it took place.

If my next door neighbour buys my shed for $100k per square foot for some reason (his garage is too short for his car?), that does not mean that every built square foot in the neighbourhood is now worth (has a market cap) of $100k per square foot. If he buys a share of Berkshire for $742k, that doesn't mean that every share of Berkshire is worth $742k.

Jim