On Dec 17, 2008, at 11:41 AM, Julio Huato wrote:
Doug wrote:
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.
That's a fair way to put it. But I don't think that's what Skidelsky
implied. IMO, he really distorted the story.
You're right, he got it wrong. But there's no doubt that Skidelsky
cited a vulgarized popular version of the EMH, which had great
ideological effects since the late 1970s. That's now shot to hell,
thank god.
Doug
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