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Hedge Fund Question:

You are being interviewed by Ackman while the CNBC TV scrolls in the background. Suddenly at trader screams that Valeant is getting hit–THERE ARE more sellers than buyers!   Ugly.

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See 2017 Hedge Fund Letters.

A technical analyst runs into the office yelling that he accidently read the chart upside down–Valeant is a SELL!

Ackman turns to you with a worried expression and asks you to confirm or deny the trader’s statement. What do you say?  You will be thrown from the 20th floor if you get this one wrong.

A SERIOUS QUESTION:

Is there one price or two prices at any one time in the marketplace?  A transaction occurs at one price but what determines which of the two prices at any one time?