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LT3000 is a blog worthy to follow. Thank you for sharing.
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(05-08-2020, 09:24 AM)gzbkel Wrote: (04-08-2020, 05:48 PM)jaco Wrote: This blogger published an essay about market inefficiencies, using Hong Kong Land as an extensive example. It touches on some points brought up by @karlmarx earlier:
https://lt3000.blogspot.com/2020/07/mark...heels.html
Thank you jaco for introducing this article.
Writer has substance and is worth following.
Think this intro sums it up well:
"What is little understood - and I hope to argue in this article - is that market inefficiency is structural and behavioural, rather than informational, which is why I believe it will always exist, and provide ample opportunity for the well-heeled"
Facts and information are still important as basis for decision making; but they are just part of the truth and reality. For HKL I would also argue that domicile and exchange and even listing currency also makes a structural difference and not just because it is lumped into "equity bucket". They would likely have a higher valuation if they remained listed in HK, with large cap comparables like SHKP. But again on a different A-B-S structural perspective: does Jardine cares?
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward
Think Asset-Business-Structure (ABS)
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I must confess that this article is quite a heavy reading for me.
The takeaway is: share price movement is a function of liquidity, not intrinsic value.
Do I get it right?