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Politics : Idea Of The Day

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To: IQBAL LATIF who wrote (18555)	6/7/1998 12:12:00 AM
From: Ed Newman	Read Replies (1) of 50167

you wrote: >>>>>>>>Markets in my opinion are like 'holograms' stocks and indexes are small part of a huge picture, beyond trivial stock movements the panorama of this picture changes with a ever underlying unstoppable dynamic process.<<<<<<<<<<< The "big picture" you refer to here is Reality. To the degree that the market detaches itself from Reality, it is inefficiently or incorrectly priced. This happens in individual securities (internet stock every now and then, for example) and it can happen to whole markets.... Eventually things that leave the ground must come back to earth, since a Tree without roots will die from lack of nutrition. All this to say that I do not agree with Random Walk and Efficient Market theory.... Thanks for your lucid commentary.... ed

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