The Problem With Hammerson, Land Securities – Property Valuations Are Too High

We all like to think – we who think markets work that is – that markets work. Bit tautologous but there we are. Prices in a market reflect the “true” value of whatever it is. As it happens, this isn’t true. What is true is that market prices reflect the aggregate and average price of what everyone involved in the market thinks the price should be. We can be tautologous again and say that the market price is that real price as the price of something is what you can sell it for.…

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