What Makes Stocks Go Up?

Most people, in my opinion, don't understand what makes stocks go up. What actually determines prices is fundamentals and how people feel about those fundamentals. So you can have good news, but if people feel that it's blas, it's unimpressive, the stock doesn't do anything. And as i say in the memo, it's very, very hard to know. It all comes down, like so many other things in investing, to judgment.