Jeff Miller at A Dash of Insight suggests
The Dash of Insight article is not long but I recommend the whole thing.New Year's Resolutions for Investors: Recognize "Old News"
One of the biggest challenges for the investor is interpreting the constant news flow. One problem is distinguishing fresh news from information that is already widely known.
Market's discount known and expected events, so discriminating between new information and already discounted information is important. Donald Coxe puts it like this: " It isn't the front page news that causes the big problems, it the news on page 16". By page 16 he means the news that has not really grabbed anyone's attention yet. As an example I include the chart above. One year ago no one was searching for "subprime" on Google but look at it now. Now it is front page then it was page 16.
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