The market has been enormously volatile this summer. The article below by Prof. Schiller of Yale addresses the issue with reference to Keynes' famous critique of the market as a beauty contest.Worth reading.
http://www.nytimes.com/2011/09/04/business/economy/on-wall-st-a-keynesian-beauty-contest.html?_r=1&scp=1&sq=the%20beauty%20contest&st=cse
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