There is a famous rule in the news media called Betteridge's law, which states any headline ending in a question can usually be answered with the word “no”.It seems to be true in this case; the surging prices in New Zealand’s listed electricity sector have been due to a liquidity shock, rather than a sudden discovery of greater value.However, fund managers have been slow to sell saying Meridian Energy stock is likely to remain elevated above its “fair value” as long as it stays in the index that is driving the...
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