From the Barron's Spot.                        
                                                               
"A 1999 study by Pietro Veronesi of the University of Chicago Graduate
School of Business showed through computer simulation that the aggregate
stock market overreacts to bad news in good times and, conversely,
underreacts to good news in bad times. Veronesi suggests that when news
inflames investors' uncertainty in times of otherwise high expectations,
such as today's ebullient market, investors more sharply discount the
returns they expect from the future."