[mkramlich]

As a general rule, short term movements on Wall Street are "dumb" because there's a lot of emotion driving trading on that scale, plus lots of weird automated/hedge fund trading going on. To give just one example of something that probably contributes to noise: naive trading programs that see an uptick on "Hathaway" in the news streams, assume that's a signal indicating some new item about Buffet's company, so they buy up BH -- but in reality the spike was caused by a wave of news about the actress Anne Hathaway. I'm sure there's a lot of dumb/naive algorithms like that out there. Plus who knows how many pre-scheduled trades or triggered trades. In the short term, lots of dumb noise and froth. I think overall movements on Wall Street are the most meaningful and valid in the longer term, and across a large class of things.