Tia and I have some thoughts on the matter, and we’ll try to articulate them soon.
But first, can you please explain what did you mean by saying:
“Second, if you drill a little deeper into the concepts of these two entities, you realize that real capital is backward-looking. It depends on the reinvestment of past profits, whereas market capitalization, which is emphasized by capitalists as well as CasP, is entirely forward-looking. It depends not on the bygone past, but on expectations about the unknown future.”
This seems to contrast with your exposition in רווחי מלחמה (I’m not sure if you wrote it in English as well), when you used the example of an oil tanker to speak about the actual nature of capital goods as forward looking capitalized items, recorded historically on the balance sheet.