No Planet For The Apes—The Greater Fools Paradise At AMC

This happens regularly, especially in market booms like the one we’ve experienced in the past 18 months, and the ending is never different. Eventually, the supply of new foolish money dries up, momentum behind the movement fizzles, and the price of the security reverts to fair value. The underlying business at AMC is in terminal decline, the capital table is wrecked, the stock has been diluted so extensively it would make a penny stock promoter blush, and we believe the fair value of AMC is zero