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Gold/Mining/Energy : Microforum (MCF:TSE)
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To: John Walker who wrote (2788)6/28/1999 5:00:00 PM
From: SwampDogg  Read Replies (1) of 3896
 
I don't agree that "the market is always right". This is a philosophy of MOMO investing...value investing looks for situations in which the market has for what ever reason not effectively valued the assets and prospects of a company. To say the the market is always right implies that companies are always valued fairly. I always find it amusing when "the market" (analysts, NLW, the press etc) always suddenly find value in beaten down stocks. If House #1 accumulates MCF at these prices and then puts out a "strong buy" rating on the stock and it goes to $8...when was "the market" right? I believe this notion is debatable but in reality is overly simplistic.

edit...I think what we are talking about here are the notions of "objectivity" and "subjectivity" and how they relate to the capital markets. The notion that the markets are always right implies that the markets are objective in nature when IMO, one could argue that they are in fact subjective instead.
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