Price Precedes News
I feel all relevant factors, important and otherwise, are registered in the
market’s behavior, and, in addition, the action of the market itself can be
expected under most circumstances to stimulate buying or selling in a manner
consistent enough to allow reasonably accurate forecasting of news in advance
of its actual occurrence.
—Gerald M. Loeb, from
The Battle for Investment Survival (1996 John Wiley
& Sons, New York), originally published in 1935.
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