My latest column, "A Not-So-Efficient-Market Hypothesis" is up at RM.

It expands upon many of the ideas from earlier comments, Compare and Contrast.


UPDATE: December 2, 2004 5:43am

Interesting article in the New York Times about surprising price patterns and inefficiencies in the Fine Art market: 

Economists Have Advice for Buyers as the Art Market Heats Up

Category: Media

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

2 Responses to “New Column up at Real Money (12//04)”

  1. Sami Kohan says:

    I’ll paraphrase Barry Schiller here and say that you’re making a couple of leaps of logic. There is a big difference between saying markets are efficient and saying that they’re predictable(or more accurately predictable enough to offset management costs). Clearly the internet bubble and many other things have shot alot of holes in the efficient markets arguement. However, the argument for investing in index funds isn’t that the market is efficient or inefficient but rather as a whole investors must reap the markets returns before fees. However, after fees, the return to investors, in total, is less than what the market actually returned.

  2. 张家界 says:

    Very good Thank author this article is quite good!