Locating value with auction market data by Donald L. Jones
ARTICLE SYNOPSIS ...Locating value with auction market data
by Donald L. Jones
There are two fools in every market. One asks too little, one asks too much.
-- Old Russian proverb
The search for value in markets is a never-ending quest, since value changes with underlying economic
conditions. A fundamental approach to valuation, such as that of Graham & Dodd, (Security Analysis,
first printed in 1934), looks to the long term and projects an intrinsic value from earnings growth,
management quality, business prospects and the like. Technical analysis uses the daily summary data
(open, high, low, close, volume) to ...