Pink cars are all the rage and sell for +20% One day pink is viewed as bad and now blue is the color to have. So now blue cars sell for +20% and pink sell for +0% The extrinsic value is arguably transferred, but if you are holding a pink car, you're down in value that was just lost due to a loss in extrinsic value. A"transfer" is a bit tortured imo because the change in value was not 1:1. Some WFH areas gained a lot more comparatively than other locations lost, and vice versa