Moreover, investors may not recognize the implications of a big increase in corporate debt when the nation experiences a recession.

While not one of the Big Six, it is a national firm with a name most investors recognize.

"That's the best evidence that investors recognize corporations need more equity on their balance sheets," he added.

But many investors recognized that the euro could abruptly change all that.

Mr. Shorts doubts that the average investor will recognize half the companies he owns.

He says investors now recognize that shares were oversold.

"Those potential investors recognize that the Stars are a success story," Cogen said.

But in the early 1970s, a few key private investors recognized the unique historical significance of the neighborhood and began to renovate several old homes.

"But," he added, "I don't think investors recognize it yet."

When held for years, not months or weeks, stocks gain value, he said, and serious investors recognize that.