A not Unminor problem

DANIEL.DAVIES at flemings.com DANIEL.DAVIES at flemings.com
Thu Apr 13 01:10:12 PDT 2000



>>To which I have to ask: if we did, I thought a major theme of Doug's book
>>is that financial markets aren't even efficient. Have I gotten something
>>wrong?


>They're efficient in the sense of incorporating all available
>information (almost) instantaneously, which is practically a
>tautology. But the financial economist's sense of "efficient" has
>little to do with an ecologist's, engineer's, or anyone else's.


>Doug

Financial markets are much better than that -- they incorporate all the existing information, plus a bit more.

dd

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