- the beliefs of investors-whether they believe the share price will rise or fall, and whether they believe other investors will think this.
Prices can go up or down and the question for investors-and speculators-is: can these price changes be predicted, or seen in advance? When price-sensitive information-news that affects a company’s value-arrives, a share prices will change. But no one knows when or what that information will be. So information about past prices will not tell you what tomorrow’s price will be.