So, if buggy-whip manufacturing is really such a terrible business that everyone can tell will go under in a few years, their shares will already trade low.
For today's care manufacturers, the jury is still out and they can still pay quite a few dividends even when in decline. Hence their reasonable non-zero share price.
> I don't think that term means what you think it means.
(https://en.wikipedia.org/wiki/Efficient-market_hypothesis)
So, if buggy-whip manufacturing is really such a terrible business that everyone can tell will go under in a few years, their shares will already trade low.
For today's care manufacturers, the jury is still out and they can still pay quite a few dividends even when in decline. Hence their reasonable non-zero share price.
> I don't think that term means what you think it means.
Please re-evaluate.