|Why is it that you can’t hear some favorable piece of news on the radio or TV or read it on the Internet and use that information to make a favorable trade? Because an army of profit-seeking, full-time professionals will have likely already pounced on the news to drive the stock price up before you have a chance to act. That’s why the most important pieces of news (such as takeover offers) are announced when the market is closed. By the time trading opens the next day, prices already reflect the offer.
- Source: The Elements of Investing
by Burton G. Malkiel & Charles D. Ellis
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