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.