On Dec 17, 2008, at 4:30 AM, Julio Huato wrote:
That is, markets *never* get asset prices right!
They can sometimes, whatever "right" means exactly. I thought the EMH merely claimed that market prices promptly reflect all available information. If you believe that the markets are at least partly driven by mob psychology, then prices often efficiently reflect nonsense. But not always.
Doug _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
