[lbo-talk] Reflections on the Efficient Market Hypothesis

[Wojtek Sokolowski]

> [Only five of 140 equity mutual funds in existence since 1970 have
> outperformed the market by more than 2% over that period.  (p. 4)  And
those
> are only the survivors!]
> 
> Reflections on the Efficient Market
> Hypothesis: 30 Years Later
> Burton G. Malkiel∗
> Princeton University

Beware! What he seems to be advocating is the full information dogma, which
is perhaps the most insidious form of market absolutism: we do not need
institutions (i.e. mutual funds and their managers) whose chief role is to
overcome imperfect information - markets  in fact contain the perfect
information and thus can regulate themselves.

Wojtek