Long-Run Versus Short-Run Stock Price Movements

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Whitney Tilson’s email to investors discussing Enrique Abeyta’s Empire Elite Growth; Long-run versus short-run stock movements; Virgin Galactic; We’re Buying Stocks, Not Companies.Q1 2020 hedge fund letters, conferences and moret.Long-Run Versus Short-Run Price MovementsTo be clear, Enrique and I both believe that a company’s fundamentals matter – and are the ultimate driver of a stock… But only in the long run. In the short run, stocks can – and often do – trade anywhere, based on many non-fundamental factors.For example, consider the biggest winner Empire Financial Research has had over th…

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