The market is a very emotional place that appeals to fear and greed.
I was in Graham's office the day he bought GEICO. Warren owns one-third of the stock today.
People don't like to buy things that are going down.
Earnings can change dramatically. Usually assets change slowly.
Be aware of the level of the stock market. Are yields low and PE ratios high?
One has to know more about a company if one buys earnings.