prices do not encode information! Prices are a reduction of information in that since decisions that lead to price being set are past that information gets red

prices do not encode information! Prices are a reduction of information in that since decisions that lead to price being set are past that information gets reduced. Or to put it another way for an investor speculator they have to go to the chain that goes into producing that product to find the signals to use to short or buy a stock...not the price of the good itself..