Best Financial-Markets Sentence I Read Today

29 April 2009 at 11:03 am 4 comments

| Peter Klein |

From Gene Fama:

George Soros claims (in his op-ed in the Wall Street Journal) that the Efficient Market Hypothesis is invalid, because prices in financial markets “always provide a biased view of the future, and that distortions of prices in financial markets may affect the underlying reality.” Thoughts?

EFF: All the evidence I know says that market predictions are unbiased. It’s understandable, however, that hedge fund managers are immune to this evidence since it’s a threat to their existence.

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4 Comments Add your own

  • 1. Barbar  |  29 April 2009 at 5:15 pm

    So George Soros doesn’t think the EMH is right because he’s scared he’ll lose his job if it catches on more?

    I mean, if Soros is so smart, why isn’t he rich?

  • 2. Warren Miller  |  30 April 2009 at 12:35 am

    Having scoured several acronym dictionaries and come up empty, I give up: What’s EFF mean?

  • 3. Peter Klein  |  30 April 2009 at 12:46 am

    Fama’s initials: Eugene F. Fama. The lines above are excerpted from a longer dialog in Q-and-A format.

  • 4. Marcus Linder  |  30 April 2009 at 10:33 am

    It’s understandable, however, that some professors are immune to other evidence since it’s a threat to their reputation and the reliability of their most famous scientific claims. ;-)

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