Message:

<p>[QUOTE=&quot;passantgardant, post: 1162303, member: 30033&quot;]Will you agree that a market top (i.e. the point near which the price peaks) is generally marked by the equity or speculation being over-valued, and that likewise a market bottom (i.e. the point near which the price is below average) is generally marked by the equity or speculation being under-valued?&nbsp; Obviously, in a snapshot at any given time, a top or bottom is meaningless, but taken in the context of an expanded view of an investment over time, tops and bottoms of the market are absolutely applicable to the value of an investment.&nbsp; Discounts to fair values only occur during specific moments in time during which they remain unrecognized by the masses (sometimes due to ignorance, sometimes due to fear).&nbsp; Then they are bid up to fair value and ultimately beyond fair value.&nbsp; This is how all market cycles work and is the basis of bottoms and tops.&nbsp; I don&#039;t know how anyone can reasonably dissociate valuation from price over time.&nbsp; The very basis of an &quot;under-valued&quot; or &quot;fair-valued&quot; determination is where the price is going or how the underlying business will do in the FUTURE.</p><p><br /></p><p><br /></p><p><br /></p><p>I didn&#039;t say it, you did.&nbsp; I&#039;m not trying to insult you, but merely recognizing the limitations you yourself admitted to.&nbsp; I&#039;ve never once claimed to be smarter, better, or more educated than anyone.&nbsp; I simply lay out my facts and reasoning and attempt to defend myself against the onslaught of <i>ad hominem</i> attacks from those who can&#039;t seem to hold their own in a conversation.&nbsp; I don&#039;t care about your credibility, I care about your argument.&nbsp; So if your argument is that you&#039;re not a good value investor, therefore nobody is, well that rings hollow.[/QUOTE]</p><p><br /></p>

Your name or email address:

Do you already have an account?

• No, create an account now.
• Yes, my password is:
• Forgot your password?

Stay logged in