Dead solid whack down the middle Count.
Should leave it there..but given that it's a Sat night will add a comment about the fact that equity values are determined in an auction process. It's called the "stock market" all right, but in truth it's an auction bazaar of stocks, pure and simple.
That means the value of each listed equity, i.e., any stock we own or want to buy, is being set by whatever the next bidder is currently offering for that stock.
Question for any readers here - have you ever been to an auction? Stuff gets sold for the highest bid at the moment,..i.e., "going, going,.. Whack!, sold!".
Point is.., the value of every publicly traded stock gets set 9 to 5 from Monday thru Friday by the very same open market bidding process. At any moment in time the value of each and every stock is whatever the next bidder says it is. (BAM!)
Second thought is about why anybody would ever consider risking their hard earned money making a bid to buy a stock.
There is only one answer IMO - Because they believe the stock is going to be worth more in the future. (BA-BAM!)
Put those two concepts together and my conclusion comes out this way: Shorts, hedge funds, and other self-serving folks can and may push the valuation of any stock around in the short term, but over time it will float on the general investing public's expectation of value based on it's fundamentals.
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