You can model a company's cash flow to the decimal and still be blindsided by its stock. That gap — between the numbers and the price — is where most investing actually happens. The market is a voting machine first Benjamin Graham called the market a voting machine in the short run and a weighing machine in the long run. Algorithms are brilliant weighing machines. They struggle with the voting, because votes are driven by stories: a founder's reputation, a product launch, a fear that spreads across a single afternoon. • Numbers tell you what a business is worth; narrative tells you what people will pay • Sentiment can stay irrational far longer than a model expects • The edge is often understanding the story before the spreadsheet catches up The lesson isn't to ignore the data — it's to remember that price is a human verdict, and humans don't always read the same spreadsheet you do.
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