One of my holdings, PW Eagle (PWEI), was bought out today by a private company PW Eagle says $400 Million Buyout is Complete. Ended up with a slight loss, which was ok since it was a slightly greater loss the whole time I owned it.
TRLG jumped 10% today as a result of an analyst's change in recommendation. Technically, nothing changed about the company today that I'm aware of. It's "Mr. Market" in action. This increase slightly offset an overall general decline today. My net decline for the day was equivalent to the S&P 500's decline of .32% (I don't EVER get worked up about market declines in points. ONLY percentage. I remember when the market dipped in February the headlines screaming that it was one of the largest declines ever...in dollars. In percent, there was a similar decline on average every year. Naturally, after this, the market had a powerful run up which is now losing considerable steam.
I think Joel Greenblatt is right. Even having revealed that this system works, no one needs to worry about everyone adopting it. Most people are just too irrational about it and undisciplined.
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