RE:Inefficient Market !!Great post Deadcow. I've read about "Efficient Market Theory" and the "Random Walk Thoery". If those theories were correct, then Warren Buffet must be flipping a coin and having it land heads 50 times in a row. Buffet trades large caps. If even large caps (lots of analysts and coverage) don't always trade efficeintly, then there is no way that tiny microcaps like PTA are always going to trade efficeintly.
If markets were always efficient then I wouldn't bother to trade. I wrote a Seeking Alpha article last week about the GDP preferred convertible issue GDPAN pointing out it was mispriced relative to the other GDP preferred and common issues. It went up 10% the next day as some holders of GDP-PC / GDP-PD swapped into it. That stuff wouldn't happen if the markets were efficient to begin with.