Category Archives: Efficient Markets

Still Hard to Beat the Market

NYT: Beating the Market: It’s Still a Tall Order In an interview, Russell Wermers, a finance professor at the Smith School of the University of Maryland, said he has found from years of research that the odds of outperforming the market … Continue reading

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Inefficient Markets are Still Hard to Beat

Download 2010-1-9 Intelligent Investor: Don't Bet the House on Efficient-Market Model – WSJ.com But the fact that the market price is the best available estimate doesn't mean that the market price is right. In 1974, the great financial analyst Benjamin … Continue reading

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GMO: Why Diversification Failed

Download 2008-12 GMO When Diversification Failed Excellent discussion of risks beyond unsystematic risk.  Solid investing advice.

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Beyond Efficient Markets

FT: Markets after the age of efficiency Warren Buffett said most of what you need to know about efficient markets. “Observing correctly that the market was frequently efficient, they [academics, investment professionals and corporate managers] went on to conclude incorrectly … Continue reading

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