The notion that market prices are the result of a plebiscite on competing estimates of fundamental value is far removed from the reality of frenzied trading in modern financial markets. Most participants are preoccupied, not with long-term economic trends and the competitive advantage of companies, but with evolving market opinion and the ephemeral news that passes across the Bloomberg screen....Will explain why if it appears tomorrow.
Sunday 24 October 2010
Short-termism review part 3
Keep an eye out for this John Kay quote:
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