I agree.
There's lot of risk in "resulting". Just because @John_Hempton 's results haven't been good does not mean there aren't lessons here
Shorts and value picks have suffered in market melt-up https://twitter.com/UpslopeCapital/status/1350814796162060289

There was a point where folks weren't valuing optionality for several stocks... but now ALL of the optionality and MORE is valued super high for several areas of the market.

Great point below from letter. Especially worth asking if SO MANY companies have high optionality

I don't get PinDuoDuo story either.
It might be the best thing out there, but how can one be sure that the Chinese government doesn't get assets from equity holders?

A good example here: "In extrema, someone rolling out electric car charging stations, a business that should ultimately be highly competitive and hence low margin, might trade at
a hundred times sales."

I think the optionality edge is being arb'ed away as many folks understand it.. Things with optionality get bidded up so much that the optionality ceases to be an upside vs. price paid...

This is all nuanced.. There will be stocks where the optionality will deliver big returns and others where it won't pan out.. The challenge is picking those where the price does NOT already include most of optionality value.