I’ve posted Entry #75 to my weekly Beyond Buy-and-Hold column at the Out of Your Rut site. It’s called If Valuations Matter, It Must Be Possible to Profit from This Reality.
Juicy Excerpt: The next day, the manager releases the team’s best five pitchers on waivers. You are shocked. You tune in to the news that night to hear his explanation. He says: “I strongly believe that pitching matters. That said, I know of no reason to believe that teams with better pitchers win more games. So I am not even a tiny bit concerned that we are losing all our best pitchers. I am convinced that pitching matters a great deal in baseball, but I also am confident that it has no effect on whether you win or lose games.”