@ Mr.Gold. Your post 06/06/24 touched on some good points – at...

@ Mr.Gold. Your post 06/06/24 touched on some good points – at least for me, worthy of some weekend deliberative thinking and a change of pace. German philosopher Georg Hegel may have had something to say however about history as a guide for learning. As a trader I believe in the efficient market hypothesis. I also believe that the subjective and objective nature of valuation can create a situation where valuations can be conceptually flawed. If these flaws did not exist then as a trader I too would not exist. Consider for example how often we use or hear term re-rate compared to de-rate as a reflection of market sentiment. Consider now how these very same terms create a disconnect between supply and demand and the effect on price. When I conduct an analysis of an asset - some of you may want to stick your fingers in your ears here, I often – not always, seek to determine a technical price point (TPP) and a fundamental price point (FPP). This helps me identify presence of any disconnect between supply and demand. When I look at IMU I see a situation where any disconnect that previously existed has now tightened more in line with its current day efficient market valuation (EMV) rather than something being seriously adrift. My opinion only of course. Chart of my TPP, FPP and EMV analysis below. Till next week and a fresh set of historical data sets to ponder. GLTAH and enjoy the weekend.