This document discusses market dynamics and strategies for analyzing fair value based on factors like fundamental, technical and sentiment analysis. It describes how market dynamics, flows and sentiments influence trading scenarios and models. It also examines how concepts of fair value relate to future cash flows, risks, volatility and simplified assumptions in valuation models. The roles of arbitrageurs, informed and noise traders are explored in contexts of fair value, mispricing, short-selling and market bubbles.

1. Market
Dynamics

2. • Fundamental
• Technical
• Market Sentiment

3. Strategy about Value
• Change by Market Dynamic study
• Market Flow
• Market Dynamic
• Market Sentiment
• Etc.
• Trading Scenario
• Trading Model

4. Fair Value
• Asset > Intrinsic Value
• Relations btw future cash flow + discount
• Risks > Asset holding for any timeframe
• Fair Value Calculation > Market Volatility
• Fair value > Limited, Instability
• Prediction model > simplifying assumtion

5. • Arbitrageur > asset model pricing
• Short selling
• Informed trader / Noise trader
• Informed trader > fair value concept, dip buying
• Noise Trader > discount mechanics, error, short selling
• Market Dynamic Scenario > NT > mispriced > short
selling > IT > undervalue > fair value > Fair Value
concepts stability

6. • Arbitrageur > not easy anymore
• Inefficient Market > inrational < Indiosyncratic risks
• Limited by : Product > short selling
• : Conditions > Margin requirement
• : Fair value concepts
• Informed trader : waiting for fair value concepts
• Noise Trader : See first, but wait for confirmed
• Bubble