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SPECIAL OPPORTUNITIES

One of the funny things about the stock market is that every time oneperson buys, another sells, and both think they are astute.

—WILLIAM FEATHER

Every once in a while, Mr. Market offers special opportunities for buying or selling stocks. Remember, Mr. Market is not an all-wise impartial judge who tells us what things are really worth. Mr. Market spouts prices that are sometimes reasonable and sometimes foolish. Value investors who can distinguish the reasonable from the foolish can take advantage of Mr. Market’s foolishness.

This is not easy. Yes, Mr. Market makes mistakes, but market prices that seem baffling to you and ...

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