Valuing the Market
The Biggest Secret in the Stock Market By Bill Mann (TMF Otter) , August 30, 2004
So when someone comes out and says "the market is overvalued," or its opposite, be sure to set your garbage filter on "high." . . . . The person making this statement is still grossly overstating his or her knowledge. . . Such a statement presupposes that this manager's knowledge of every single sector of the stock market is complete. . . .Now, I'm not suggesting that folks suddenly change their standards to respond to the overall market's losing its mind one way or another. What I am suggesting is: Look harder. Look in new places. Look where no one else seems to be looking.
So when someone comes out and says "the market is overvalued," or its opposite, be sure to set your garbage filter on "high." . . . . The person making this statement is still grossly overstating his or her knowledge. . . Such a statement presupposes that this manager's knowledge of every single sector of the stock market is complete. . . .Now, I'm not suggesting that folks suddenly change their standards to respond to the overall market's losing its mind one way or another. What I am suggesting is: Look harder. Look in new places. Look where no one else seems to be looking.
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