I've never agreed with your view on this. IMO, since such cannot be verified either way, it doesn't seem paticularly relevant. But I will ask a question. If "all the real shares are long, long gone" is a valid view, why would anyone be likely to consider buying now? You, and those holding that view, suggest that anyone buying now is buying an "air share". THAT sure seems like a really helpful view. JMO, of course.
