Chris Dillow 

Macro inefficient, micro efficient

Chris Dillow

Chris Dillow
Macro inefficient, micro efficient

When I wrote recently that the All-Share index seemed cheap, some of you replied that you find it hard to find attractive stocks. This might not be as contradictory as it seems. It’s perfectly possible for the aggregate market to be underpriced while individual stocks seem fair value. The prices of one stock relative to another might be right, even if the aggregate price level is wrong.

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