This is an extremely well thought out view from Paul McCulley at PIMCO. He is a fundamental guy who knows behavioral finance (read: trend trading strategies) is better at explaining market behavior these days.
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November 10th, 2009 at 1:44 pm
“…that markets can stray quite far from “
‘fundamentally justified”
‘ values,…”
It’s nice to hear a fundamental guy actually admit that.