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The point is that new information takes time to make it to all the market participants and they take time to react to it, so the "market consensus" takes some time to adjust to the new information. The idea that the market price discounts all the existing information is laughable on its face. Of course, if you're the slowest investor in the pack, you can probably assume that's true.

wc himself seems to spend a lot of effort looking at the fundamentals and investing according to his best assessment of the "available information", which means he doesn't really believe all information has been discounted, or the two-fund theorem.

"It's the statue, man, The Statue."

by Migeru (migeru at eurotrib dot com) on Tue Mar 27th, 2007 at 04:54:15 AM EST
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