No. of Recommendations: 1
Does that excellent analysis still hold true if we have a capricious dictator picking winners and losers?
Yes. Unless that process strongly favours the very largest firms systematically.
If some giants are in the doghouse but others are in the Big Man's good graces, it would still be true. To the extent that market prices deviate even further from true aggregate value than they already di, perhaps more so, though the reversion to value might perhaps take even longer. Depends on the longevity of the regime, I imagine.
Hypothetically speaking, of course.
Jim
