wanton sniping criticism and pontifications with little point.
if you are going to make an argument, make a real argument, like the kind i made against Heinz' posts.
everybody knows that Heinz is extremely smart. that doesn't mean everything he says is true. i don't see why i should not make arguments against his posts, as long as i back up my reasoning.
the day before the post of ild's i responded to, Heinz wrote (via ild's copy):
naturally, nobody noticed how absurd these headlines were.
Heinz then wrote a similarly themed post, to which i responded. i presented evidence to support my position, such as Shiller's entire chapter on such headlines, in my argument that these things are "hardly the undiscovered truth Heinz makes it out to be". another strong critic of headlines, which i didn't mention yesterday, is Nassim Taleb. Taleb's response is to not even read newspapers, which he considers less than worthless.
if, truly, nobody notices the absurdity of the type of headline/market reaction pairs Heinz mentions, it may be because everybody who recognizes the absurdity of deriving fundamental meaning from noise stopped reading the paper long ago.
i also mentioned the famous (to me, anyway) analogy given by Grantham several years ago, which i think does a good job of expressing the relationship between fundamentals and noise as reflected in market prices.
i don't believe fundamentals play "second fiddle" to noise any more than gravity plays second fiddle to the wind w/r/t a feather. sure, the wind may have more say in the feather's movement in the short hand, but the wind dies down and gravity is inexorable. same with fundamentals.
i don't believe my arguments given above, which are the same as the ones i gave yesterday, are "wanton sniping criticism and pontifications with little point". i think they present a valid position, although reasonable people may agree to disagree on its veracity.
you, on the other hand, just throw out ad hominem flames which are not even arguments. either make a valid argument and back it up with facts or go home. |
