Cleo, I think the combination of "better understanding and calm disposition" just about sums it up. People who claim that the market is efficient are really asking us to believe that every factor relevant to the sp of every stock is perfectly weighed by every investor with an interest. As this recent case shows, it's clearly not true. So far as I can see, when unexpected news crops up, sp movement is little more than a panic-meter. In that situation, 20-20 vision and good nerves will nearly always win out.