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عمومی::
سرمایهگذار ارزشی
Some choose to buy securities that appear cheap relative to a guessed-at equilibrium price (value investors).
Markets tend to create momentum versus value investor specializa- tions based on internal market structure and agent learning behavior.
In this model, there is a nega- tive feedback loop (shown on the right in the exhibit) connecting price and value investors.
When price gets to be high compared to a standard or nor- mal price level, after a time delay, demand from value investors is reduced, leading to a subsequent decline in price.
Similarly, when prices fall below a standard, after a time delay demand from value investors increases, leading to a price increase.
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