Hi carranza2, <<The market will soon enough realize that shaving 15% off Merck's capitalization is excessive given the zero sum nature of Merck's cheesiness.>>
I will take the simplest approach and trust the market, post something controversial, just for the fun of it.
The market is rational all of the time, including the moment of inflection, reversal, mania and panic. Panic is rational and so is mania, because, some times time is simply running out to get on the train or get off the bus.
As matters turned out in the last trading session, the market trimmed 1.x% off Merck's capitalization, which is rational (had it been 15%), and did same with the aggregate markets, including everything denominated in USD, which is also rational.
Had 15% been shaved off Merck, we would have attributed the badness to company-specific issues - that a single table of poker is crooked. We are now beyond that. We are in the realm of pondering that maybe the house of cards is bad news.
I trust the market, because it is mostly right, for atleast a little while.
I am an optimist, and know all this shall pass, and then I get to buy, by and by.
Chugs, Jay |
