I really do hope that ACAS gets well...but all this discussion about risk, signalling and what securities price action can tell us have been pretty well argued out (to death) and settled by finance academics, and they've been frequently used and abused by the much-heralded crowd who make fortunes writing popular investment books.

I will take David Dreman's research anytime. Suggested reading: Contrarian Investment Strategies: The Next Generation.

The academic community (overall) did an atrocious job. There are exceptions. 

Have fun.

John Walter Russell