We develop closed-form expressions for the path and speed of stock price ‎discovery in a utility-based CAPM with wealth effects. Two investors with ‎uniquely bounded risk-preferences always apply opposite portfolio rebalancing ‎trades. These trades determine the intra-period path and speed of price discovery ‎in a Walrasian, tâtonnement setup. While conditions for maximum speed exist, ‎convergence is rapid over a wide range of endowments and preferences. ‎Convergence to equilibrium is exponential, and its speed depends on ‎endowments, risk-preferences, firm size, and market price for risk. Convergence is ‎not guaranteed, and the conditions for divergence are specified. ‎