Tuesday, December 21, 2004

A Chill Pill For Daily AX Watchers -

If you've been watching AX's stock performance on a daily basis (or on an hour-by-hour basis) lately you might wonder what's been up with the light volume and drop in price. First, just a reminder: On 11/29/2004 AX set a 52-week high (intraday) of $22.90. It closed that day at $21.95. Since then the stock has fallen, but as of today's close it's fallen a total of $1.79.

On 12/06/2004 AX hit $19.51 intraday - so as of today's close it's up $0.65 (see historical price data here: To be sure, these short term fluctuations don't have much conviction.

Here's a great piece by Warren Buffet where he cites
Ben Graham ("In the short-run, the market is a voting machine - reflecting a voter-registration test that requires only money, not intelligence or emotional stability - but in the long-run, the market is a weighing machine."):

The chart below may alleviate any concerns you may be having regarding "the voting machine". In the long run, ArcaEx tips the scales!


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