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>>$2,000,000,000 plus wiped from New Zealand equities today. Anyone know where it went? <<

It never existed so how can it go somewhere!

The value of shares is dictated by the last sale which capitalises the company across the board for all issued shares. It is only if (and only if) all shares in a particular company was sold would the value be wiped off. If you sell shares acquired at last sale of $1.50 for $0.50 cents today does not mean that you will get $0.50 cents tomorrrow or in 12 months time. It may actually be $2.00 tomorrow.

It is paper indication of the worth depending on what an individual is prepared to pay. Therefore you can only determine whether a company has been oversold or undersold on the *value* of the business! The underlying P/E rations and core assets!
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