at the beginning of every day, the market has a greater probability of going up than down, and a risk adjusted positive expected value (which is a different thing)
Therefore, your money should always be "in the market", not out of the market. Therefore, it's very difficult to make the case that the market is short sighted. I think what you are trying to say is that immediate risks are better understood than longer term, so the more distant future has higher volatility.
Therefore, your money should always be "in the market", not out of the market. Therefore, it's very difficult to make the case that the market is short sighted. I think what you are trying to say is that immediate risks are better understood than longer term, so the more distant future has higher volatility.