BULLS & BEARS: Big investors have clout to drive stock prices up
I have said before in this space that in the long run the only thing that propels a stock’s price is earnings. As Ben Graham said: In the long run, the stock market is a weighing machine, but in the short run, it’s a voting machine. He meant that, over a period of years, a company’s stock is valued-or weighed-quite efficiently, but between now and Labor Day the value is subject to the whims of fickle traders who vote with…