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by eru
3156 days ago
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The term 'efficient market hypothesis' is a bit of a misnomer in the singular. It's actually a bunch of hypothesis that eg differ in strength. The strongest form, that markets knows everything, is probably wrong. The weakest form, that it's hard work to beat those traders at hedge funds and Goldman Sachs with information you got out of the evening news, is almost certainly true. Exactly which strength in the middle applies in the real world is an empirical question and depends eg on the markets under observation. In any case, https://www.chrisstucchio.com/blog/2012/hft_whats_broken.htm... makes for some interesting arguments. |
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