Risk premia or behavioral craziness?:

[kagemusha]

"Short term voting machine and a long term weighing machine" is the most apt description of the market that I have heard.

yup. totally agreed.

The market is dominated by TAs but, being majority doesn't always means that you are correct.
Then again, without them, there would be no value play.
Its like if there is no bad, you would not know what good is.