Jason Zweig's column in the Journal tells the story of Micro Strategy, whose founder has been buying up Bitcoin for years now, recently going so far as to issue a big chunk of convertible debt to do so. His company is valued at a substantial premium to the value of its underlying software business plus the Bitcoin holdings (even with Bitcoin hovering around an all-time high) because the market imputes to it a "genius premium." What absolute and utter bollocks.
All too often the world lets itself be held in thrall to the exploits of "great men." Elon Musk, Donald Trump, Narendra Modi, even Warren Buffett and Barack Obama, everybody wants to line up and worship them. It's sheerest laziness and just a shitty way to be.
If we want to look for a leader right about now, I would suggest MacKenzie Scott.
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