> is that the stock price reflects global demand for ROI Says who? For which stock? I understand a company's stock price to represent the net present value of

> is that the stock price reflects global demand for ROI Says who? For which stock? I understand a company's stock price to represent the net present value of the expected future performance of that company alone. I don't see how there can be one expected return on investment that applies equally to all companies, as expected return on investment will be determined heavily by risk which will vary considerably company by company.