For at least "conventional" blue-chip stocks, if the market fails to represent the present value of all future dividends, discounted back to the present, trading based on that metric should be a dominant strategy, since it is a method of extracting value from a stock without trading it.
If the stock is underpriced, sure. But shorting overpriced stocks comes with a cost - what if the market gets even more irrational over the next few years?
