relevant public information will be reflected in the stock price at any given time. Under Dr. Malkiel’s approach, the market price of a stock results from the interaction of those like Mr. Guy who see great risk and want to sell shares and others who see opportunity and want to buy shares. Under these conditions, which applied to AES stock in 2000 and 2001, there is no reliable basis at any given time for believing that the current price will go up or down. Under these conditions, there was certainly no basis for requiring a group of fiduciaries who had no inside information about AES to act on the assumption that AES stock was overvalued in late 2000 or early 2001. The Seventh Circuit adopted this reasoning in Summers v. State Street Bank & Trust Co., 453 F.3d 404, 408 (7th Cir.2006) (<HOLDING>); see also id. at 412 (expert’s proffered
holding that the measure of damages of converted property is the market value at the time of conversion holding that the market price is understood to mean the current market price being paid for gas at the well where it is produced holding that erisa trustee could rely on pricing through major stock market for the best estimate of the current value of a stock at any given time and citing work of dr malkiel neither fiduciary was required to act on the assumption that the market was overvaluing united holding that fair market value was proper measure of damages for stock brokers breach of margin agreement caused by sale of plaintiffs shares without authorization noting that generally speaking fair market value is proper measure of damages for breach of contract relating to sale of goods which have an ascertamable value on the market holding in action for breach of contract caused by wrongful foreclosure and sale of shares of stock plaintiff was entitled to recover the fair market value of the stock at the time of its sale