Improving On Buffett And Desert Cat

[PrayingMantis]

David,

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But it is not moronic to say that the market is one of the best experts in telling you what a stock should BE.

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Can you please elaborate on this statement of yours? In what sense does a current stock price tell you what the stock price "should be"? And what exactly do you mean here by "should be"? Obviously if the price is $4 today, then it is more probable that tomorrow (without any other knowledge) it will be somewhere in the range between $3.5 and $4 than in the range between $3 and $3.5, for instance, but this is a rather trivial point I think.