To: [EMAIL PROTECTED]
Subject: Re: re : securities analysis
William Dickens wrote:
However, as I recall, the increase in expected returns that one gets
by following such a strategy are measured in basis points, not
percentage points as some advocates of this approach would suggest.
So Bill, are you
But the real question is whether there were any clustering in the
attributes of the minority who consistently beat the market. If there is a
strong clustering of attributes (they ate the same brand of corn flakes for
many many years or went to the same school or followed the principles of
the
This possibility was made all too clear to me when I took a $20,000
short position in Amazon.com - - a year too early.
William T. Dickens
But those who bought long-term put options (LEAPs) on Amazon could lose no
more than than their financial investment, and the put options could be
William Dickens wrote:
However, as I recall, the increase in expected returns that one gets by following
such a strategy are measured in basis points, not percentage points as some advocates
of this approach would suggest.
So Bill, are you willing to stick your neck out regarding the January
William Dickens wrote:
This possibility was made all too clear to me when I took a $20,000 short
position in Amazon.com - - a year too early.
Why didn't you take a series of smaller short positions instead? You
could have held a $1000 short position for twenty times as long, no?
--
But those who bought long-term put options (LEAPs) on Amazon could lose no
more than than their financial investment, and the put options could be held
or others bought until the downturn, with no margin calls.
The Longest term option that was availale wouldn't have gotten me far enough to have
So Bill, are you willing to stick your neck out regarding the January
effect? Thaler says average ROR in January is 3.5%, versus an average
of .5% for all other months. Is this another case of basis points being
exagerated into percentage points?
So if you invest in stocks in January and
On Thu, Apr 04, 2002 at 11:16:54AM +0530, Koushik S wrote:
Those who believe that the jury is still out on efficient markets hypothesis
Efficient as compared to what? To a utopia you dream of?
Or to the kind of government intervention we can see happens?
As a practising value investor, I see
and puzzles and hopefully be
able to tell a plausible story with refutable and testible implications.
__
- Original Message -
From: Kevin Sachs [EMAIL PROTECTED]
To: [EMAIL PROTECTED]
Sent: Thursday, April 04, 2002 1:32 AM
Subject: Re: Securities analysis
At 11
There are actually two issues 1) Is the market efficient? and 2) Can
someone, using public information, systematically earn higher returns
than those on a suitably risk-adjusted market basket?
These issues are related but they are not the same. If the market
is efficient the answer to
the
article.RegardsKoushik- Original Message
-From: "Alex Tabarrok" [EMAIL PROTECTED]To:
[EMAIL PROTECTED]Sent:
Thursday, April 04, 2002 10:42 PMSubject: Re: Securities
analysis There are actually two issues 1) Is
the market efficient? and 2) Can someone, using public information,
syst
The (stock) market might, at least as a matter of initial heuristics, be
assumed to be efficient. But only insofar as _risk_ is concerned.
One can imagine, that is, that the price of a share of GM not only has
in mind all the known data about GM -- including what to make of all
the
At 11:48 PM 4/4/2002 +0530, you wrote:
The real question is whether the hypothesis
should be built on the
underperformance of the majority or on the outperformance of the
minority
(if it is strongly clustered)
More specifically, the question is whether the
overperformance of the minority
At 11:24 AM 4/2/2002 -0800, you wrote:
Information does not instantly get propagated to all participants in a
market, so there are profit opportunities for those who study market
patterns.
It is not necessary that all market participants be informed for a capital
market to be informationally
what's everyone's opinion here on fundamental vs. technical analysis?
Dan
Information does not instantly get propagated to all participants in a
market, so there are profit opportunities for those who study market
patterns. There may be changes in volume and price preceding a major trend.
I think Mark Twain summed it up for technical analysis when he said Monday
is a bad day for speculation. The other bad days are Tuesday, Wednesday,
Thursday, Friday, Satruday and Sunday.
- Original Message -
From: Technotranscendence [EMAIL PROTECTED]
To: [EMAIL PROTECTED]
Sent:
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