"If you really know what's going on, you don't even have to know what's going on to know what's going on...You can ignore the headlines, because you anticipated them months ago".
Think about that, from the viewpoint of a trend follower, and/or someone who believes price precedes news. Then think back to the dot-com bubble, the 2008 market crash, or the recovery in 2009-10.
Incidentally, the quote above I got from Sebastian Mallaby's book More Money Than God, which plots the story of hedge funds since A.W. Jones's first 'hedge-d' fund in the 1960's, the birth of the concept and the original rationale of how such a fund would operate. Those of you who have read Market Wizards will immediately recognise some of the names in the book (along with other famous traders and hedge funds), including how the famed Commodities Corporation morphed from trading on ecomonic data to a trend following methodology. I came across the book yesterday in the local store, and have not been able to put it down since. An excellent read.