Price and Value Are Not the Same Thing
Stock prices move constantly — up or down by double digits in a single week — while the businesses beneath them barely change. This series explains what actually drives price movements, and how to tell the difference between noise and signal.
The stock price you see today is not the same thing as what the business is worth. Understanding that distinction is the foundation of everything that follows in this series.…
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Read this postStock prices almost always move before the economic data catches up. Here’s why — and why trying to trade that pattern is usually a losing game. In the fall of…
Read this postWe’ve covered why markets price turning points before the data catches up. Part 5 goes one layer deeper: the human forces that amplify those swings far beyond what any rational…
Read this postFive parts of groundwork. One payoff. Here is the unified framework that answers the question this series set out to answer. Start with a moment you’ve probably experienced. You open…
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