In the short run, the market is a voting machine; in the long run, a weighing machine. Short-term prices reflect sentiment, forced trades, algorithmic flows, and headlines — not the economic reality of the business.
Benjamin Graham, The Intelligent Investor chapter 8.
Below, each covered company's fundamental volatility, price volatility, and price direction are shown separately, so a high noise ratio says which kind of Mr. Market move occurred.
Rankings as of 22-07-2026 4:32pm NZT, based on Annolyse's coverage of 100 NZX companies.
8
Euphoric Mr. Market
14
Panicking Mr. Market
7
Underreacting market
56
Aligned movement
4
Insufficient data
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Showing 89 of 89 companies.
Price volatility is the 52-week high-to-low range divided by the midpoint. Fundamental volatility is the larger of recent revenue change or EBITDA-equivalent change over the comparable period.
Noise ratio is price volatility divided by fundamental volatility. It is suppressed as n/m when fundamental volatility is below 2% and is capped visually at >100×. Fundamental volatility changes above 1000% are treated as n/m because they are usually denominator effects.
Price direction uses a 5% flat band. Euphoric and panicking Mr. Market rows require stable fundamentals with a price move of at least 20% in either direction.
Price volatility is the 52-week high-to-low range divided by the midpoint. Fundamental volatility is the larger of recent revenue or EBITDA-equivalent change. Noise ratio measures how much more the market moved than the business, but is only shown when fundamental volatility is at least 2% and is capped visually at >100×. High gaps indicate Mr. Market was particularly emotional; direction comes from the price-direction column. See the full principles methodology for thresholds and edge cases.
Listed investment vehicles are excluded from these principle rankings because operating cash flow and earnings-yield metrics work differently for these structures: AFI, BAI, BRM, HFL, KFL, MLN, TEM.
CVT and GNZ currently have incomplete 52-week market-data fields, so their noise ratios remain not meaningful until those inputs resolve.