End of year share price, page-324

Smurfe,

The sharemarket is a collection of buyers and sellers. People operate based upon perception (which may or may not be based on fact at any given time). It's that simple. The reason we can rule out share price predictions for 12 months from now is because NOBODY can predict what the collective perception of the market will be in 12 months time. Fundamental investors will tell you that they can't ever predict what the SP will be at any point in time, only that there will be periods of time where the SP will reflect underlying value reasonably well. And any sane Technical investor will tell you that they can do a reasonably good job of predicting what the SP is likely to do over a short period of time but that they certainly have no idea what the SP will be in the long term. Accept these differences and you're either a FA or TA. You might not get along, but you can probably understand each others view. Don't accept these realities and you aren't an FA or a TA, and in the case of TA's you're one of increasingly large group of crazy people that give true TA's a bad name.