[adios]

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...What he's saying essentially is that the market price is a pretty good unbiased estimator of future prices. ....

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No he's saying that the current market price is at least a decent indication of the current, true value. Perhaps I"m being a nit, perhaps you meant future earnings.

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No I meant future prices - value is dependent upon the discounting mechanism (and the holder, to a lesser extent), so there's no such thing as the single current true value, other than the current price. .....

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Well I guess we're talking about the same thing. What you're indicating is a rate of return that's acceptable to the investor and in order to acheive that rate of return the threshold price that offers at least that return currently. The true value of a stock is the present value of future earnings more or less.