Steve Randy Waldman
@interfluidity.com

i think we want to distinguish aggregate market value from individual share relative value. i agree that flow has a strong effect on aggregate market value (i’m not endorsing the number you quote though). 1/

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Steve Randy Waldman
@interfluidity.com

i also think for individual issues, flow effects are asymmetrical with respect to relative value, that is colorably undervalued shares react more to flow than shares widely perceived to be fully priced or expensive. /fin

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