this post was submitted on 29 Oct 2026
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Maybe not even that. The people who bought at the top might not be the ones who sold. The ones who sold might be long-term investors who are still in the black because of the stock's huge growth in the last 5 years. Someone who bought the stock exactly a year ago is only down about 1.5%. Someone who bought 5 years ago has almost doubled their money.
All that has really happened is that the collective opinion of all Alphabet shareholders is that the company was overvalued by about 15% compared to what they thought it was a couple of days ago.
The degree to which share price discovery is fundamentally rooted in optimistic speculation, as opposed to any actual evidence... at some point talking about "value" becomes a little weird. "Overvalued by 15%" reads like a chemist doing a titration.
People were more interested in selling than buying yesterday.