At what point does belief stop being speculation and become a fundamental?

Is belief a speculation or a fundamental? We usually treat belief as something separate from fundamentals. But if you strip markets down to their core, every financial asset ultimately depends on collective belief. Someone has to believe that a stock, bond, currency, commodity, or token will be valued by someone else tomorrow. We simply give different kinds of belief different names. A trillion-dollar corporation has “investor confidence.” A blue-chip stock has “market sentiment.” A memecoin has

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