>>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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