Under that logic you are assuming the market is a perfectly efficient machine that prices in all information instantly or before its even known. If so there is no point even investing because there is no potential to profit from miss-pricing and if you are holding a stock you effectively have a 50/50 chance that information you are not privy to will move the stock price up or down.
Sometimes you have to back your own judgement in against the market, perhaps a good example of this is the time that sirtex posted "failed" trial results and wiped 50% of the share price in a day. I interpreted those results quite differently to that of the market and here we are almost back to the pre trial result share price.
Does your logic mean that we should all go buy BKL/BAL etc and follow the "smart" money? Somehow I don't think this is the key to sustainable long term returns.
I'm not saying CCP is a buy or a sell but what I believe is taking your cues from share prices is the best way to underperform the market.
CCP Price at posting:
$8.61 Sentiment: None Disclosure: Not Held
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