It depends. Personally, the banana taped to the wall, doesn’t do anything for me, but I once saw a canvas with just three slightly raised simple curved ridges in an interesting pattern, all in white. It was very simple and could probably be done in under 20 minutes, but it was very compelling.
As a performance maybe? Frankly I don’t give a flying fuck about how those rich kids entertain themselves. It’s like a jobs program for creative kids from big moneyed families. It has no bearing on what happens in the rest of the art world and it could not matter less when considering how credit and attribution work in commercial art.
The P/E ratio references "price" and "earnings". Both "price" and "earnings" are denominated using money. So it's not obvious to me how an increase in the money supply should affect this ratio.
BTW, in Shiller's book which was published right as the dot-com bubble popped, he has a chapter listing out similar late 90s structural factors, many of which could lead to permanently higher stock prices in theory.
Nasdaq is about 8x higher now than then, so 4x higher M2 is tight. Ofc there is always a chance that this time is different and that the markets are genuinely much more efficient :-)
My apologies - I'm speaking loosely of course. Translate all my claims about machines breaking the law into claims about humans using machine breaking the law.
Sorry, I wasn't trying to be pedantic. I was trying to make the point (which I think is in line with your point) that the fact that AI is involved here doesn't make a difference. It is a tool, but the people using the tool are (as always) responsible for the outcome.
You wouldn't need FAA ownership data and details on who/what owns what tail number to track "flying" or "not flying" status of the world's fleet of bombardier global 6000/7000/8000, dassault falcon 7x and similar, given open data from ads-b exchange.