do people think recent play is over- or under-discounted in point spreads?

[gojetsgomoxies]

seems like a simple idea.l

for years in stock market, you could buy stocks with big earnings surprises and do very well........ now, so many people play it and it's not so clear what is a positive earnings surprise.

but certainly for a less sophisticated market, you could have an overshoot effect.

do people have an opinion on this?