I think the point is well made. But there are a 1000 other stocks in the market. If we find something expensive, we can give it a pass. By definition the stock market works because someone thinks it’s expensive enough to sell and someone else thinks it’s cheap enough to buy.
It often depends on the narrative in our head. Someone who deeply believes the story would say that weak hands left but strong hands were quick to buy and it was a shakeout of the weak hands. It’s all stories and narratives. Day to day price movement of a stock tells us nothing about the business.
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