December 20th, 2013, 9:50 pm
Hi,I'm curious: value investors claim that the markets aren't efficient, that you can find under priced securities that differ from their "intrinsic" value. Then they go on to claim that that intrinsic value will be realized (or at least the price of the security will rise toward the intrinsic value) given enough time. So aren't they saying that the market for a particular security is inefficient at one time, and then will eventually become efficient?Why should the market for a particular security be inefficient at one time and then over time become efficient? Isn't it just as reasonable to assume it will stay inefficient?