[vasco]

If you go by the efficient market hypothesis you would say that. I doubt that a universe where you open at $20 and rise by 100% gives you the same end state for all actors + price as a universe that opens at $200 and crashes by 80%. If you believe everything is priced in all the time I guess it makes sense.

[AmericanChopper]

The efficient market hypothesis doesn’t predict that everything is priced in all the time. It predicts that you can’t consistently beat the efficiency of market pricing over a long term. It doesn’t predict that short term volatility can’t exist.