Counterfeit Information TIVOLI, New York – It’s hot here in the Hudson River valley. People are taking it easy, sitting on benches in the shade. We had to put in a window air-conditioner to take some of the heat out. Still, we sweat… and we wait for the cool of the evening.
The markets are lackluster too. A little up. A little down. Languid. Summertime slow. We have been focusing on technology – sometimes directly, often obliquely. It is the subject of our next monthly issue of The Bill Bonner Letter, requiring us to do some homework with the help of our resident tech expert, Jeff Brown.
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But today, let’s look at how the stock market reacts to new technology. Investors are supposed to look ahead. They are expected to dope out the future earnings of technology stocks and figure out their present value. Not that they know immediately and to the penny what Twitter or Tesla should be worth. But markets are always discovering prices, based on public information flowing to investors.
This post was published at Acting-Man on August 19, 2015.
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