Entrepreneurial culture and market valuations

200706
(answer to the question "Do you believe that large companies with more entrepreneurial cultures have higher stock market valuations than their more traditional counterparts ?")

To my humble opinion, the stock exchange is not the place where actual business is being done, except for stock traders. If you don't accept that fact, if you don't realize that you are in a different level of reality, you may wake up in the middle of a Twilight Zone episode.

That said, take two companies from the same field and with the same assets. In a rational market, the company with the higher value should be the one with the higher potential to grow beyond its current position.

But the market is not rational, there is no such thing as two similar companies, and communication / propaganda plays too big a role out there, especially where "culture" is involved. Remember the late nineties ?