you are viewing a single comment's thread.
in terms of price discovery, the market is very efficient. price differences between venues get spanked before the photons cool.information dispersal is also a lot faster. everybody kows it at pretty much the same time. you don't have to wait for tomorrow's WSJ to find out why your stock spiked.none of this has anything to do with any kind of valuation. that kind of stuff is fairly irrational.