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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Big Dog who wrote (24809)6/26/1998 12:11:00 PM
From: John Carpenter  Read Replies (2) of 95453
 
They teach grad school students that during each and every
trading moment all news, both known and anticipated, as
well as future expectations are priced into securities
prices. They espouse traditional valuation measures
such as earnings, earnings growth rates and book value.
They say that since all anticipated news is already in
a stock, securities prices are a random walk.
If this sector doesn't fully reflect all news at these
prices, it's time to strip some of these professors of
their Nobel awards.
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