Was thinking about how it’s clear having a reliable store of value will demonetize real estate to the value of its utility, but what about stocks? How much of AAPL is SOV and how much is investment?

Or the S&P, how much of it is SOV (no longer needed) and how much is investment?

What is the difference between SOV and investment?

Imagine in a hyperbitcoinized world, someone says, I’ve got a business idea that can earn profits on the bitcoin you invest. You don’t need to invest because you have a SOV but you might want to invest to increase your stash.

But in the fiat world, it’s a lot more murky the extent to which AAPL is an investment vs a store of value. That’s because most “investing” is really just SOV in disguise. Not that many people would really invest if they had a sound SOV.

Remove the SOV component from real estate and it might be worth half. But remove it from stocks, and instead of treading at 30x earnings, maybe AAPL would be at 5?