Re: AMD
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Do I just assume anything that sticks out in a balance sheet is already worked into a stock price?
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Absolutely not. Both APT models and EMT assume there are traders taking positions to correct incorrect valuations. That doesn't happen instantaneously, even if you believe all that foolish EMT-hand waving.
Secondly, people routinely overlook/underlook at balance sheets for years on end. Enron would be an easy example. Any company guilty of channel-stuffing, it shows up on the balance sheet and other statements before they announce the earnings miss.
I've owned/followed AMD off and on for 15 years. It will break your heart.
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