Legacy conglomerates have traded at discounts for years because complexity hides accountability. Melting ice cube businesses look cheap until the cash flow melts with them. Personally, I think (PYPL) is an example of this. Cyclical stocks with permanent impairment never recover because the cycle does not come back the same way. Price does not create value. Structure does. Listen up.Anchoring worsens it. Investors fixate on their original purchase price and treat it like a reference point. The market does no ...