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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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?
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In my peripatetic life I have been a ruby smuggler, commodity trader, securities analyst, investment banker, and entrepreneur. Each role taught me more about value investing. - John Chew - The Editor
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