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Strategies & Market Trends : The Art of Investing

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Nov 17 4:00 PM EST

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To: S. maltophilia who wrote (5565)	9/28/2022 5:58:30 PM
From: Sun Tzu	Read Replies (1) of 10601

Random walk means that it is a crapshoot even in the long term. I've been around for too long and seen too much to believe in random walk theory. For example, there was a time - a pretty long time - that the market cap of Yahoo equalled the market cap of their stake in Palm, which they were gong to divest. So the market was telling you that Yahoo itself was worth zero. And there was just no logic to that. You could buy Yahoo and short Palm and just wait to cover when Yahoo sold their holdings and own the company for nothing.

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