Supply and demand have, and always will be, the rulers, responsible as they are for ultimately determining price. But the world has not been standing still since we figured that out — an almost infinite, real time information feed into as many forecasting models is alive out there (with a healthy dose of artificial intelligence thrown in for good measure), making anticipation the name of the game, not observation, not history.

Trends and turning points — those are going to be what divides the class of 2021 investors.  Price is still only found where the supply and demand curves meet, but knowing for instance what effects advances in technology are going to have on the demand for microchips would have proved a valuable foresight indeed. It was obvious, right? If you had done the work...

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