In his fourteen years of trading experience, Mr. Gruber worked for two separate asset managers each with $50 billion under management. He also worked for another manager whose small cap assets grew from $700 million to $7 billion during his time there. One of the most formative periods in his professional experience was the downtrend from 2000 to 2003 and the subsequent uptrend from 2003. Those drastically different trends can not be entirely explained by fundamentals alone. When the overall market was bottoming in 2002-2003, many, many stocks were accused of having “deteriorating fundamentals” and these stocks were widely thrown away for dead. This mentality was most prevalent very close to major upside reversal price points. That begs a question. Do fundamentals change that rapidly or are there other forces at work that help determine asset prices?