Ann: Sky Investor Update, page-38

Yeah - possibly. I think "most of the time the market is right" should be rephrased "all of the time the market accurately reflects sentiment".

Sentiment is influenced by a number of factors - fundamentals being only one of them. At a time of widespread information flow (internet), I suspect biases (such as group-think) are put on steroids - and on longer durations. What looks like "right" might just be "long wrong". But who knows.

For me, the biggest issue is that these guys have FA skin in the game - and so your "muppet" reference may well be apt. That said, I'm willing to give them the benefit of the doubt (& assume the architects of the RugbyPass F-up don't have their fingers on this) and hear their rationale. I'm all ears.