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股價是由邊際交易者決定

股價並不是由真的持有股票的人決定
是由有在買賣的人決定他的價格

所以今天這些基金、大型有錢人,假設他們很看好一段時間的成長性。

他們買了之後不會再進行賣出的交易,因為他們沒有在交易,
所以「他們的看法不會反應在市場上」,因此還是有可能造成跌幅。



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  The Cross-Section of Expected Stock Returns   Source  https://www.ivey.uwo.ca/media/3775518/the_cross-section_of_expected_stock_returns.pdf Comment  This is the famous Fama-French paper, which proposed the Fama-French factor model, and the basics of cross-sectional equity research methods. Value and Momentum Everywhere   Source   https://pages.stern.nyu.edu/~lpederse/papers/ValMomEverywhere.pdf Comment  A good introduction to value and momentum; they can generate abnormal returns for individual stocks within several countries, across country equity indices, government bonds, currencies, and commodities. Mean Reversion in Stock Prices: Evidence and Implications   Source   http://papers.ssrn.com/sol3/papers.cfm?abstract_id=227278 Comment  One of the earliest papers reflecting the mean-reversion nature of stock prices. Price Momentum and Trading Volume   Source   http://technicalanalysis.org.uk/volume/LeSw00.pdf Comment  Gi...
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